Ripple (XRP) Is Up 190% From Cycle Low, But Will It Ever Reach $3?
Ripple has remained a prominent name in the crypto market despite
its woes in recent years. The digital asset was expected to crash
as its case with the SEC raged on, but it has managed to maintain
its hold on the market while building an effective community around
itself. Nevertheless, the digital asset remains one of the few that
didn’t hit its previous all-time high during the last bull run,
sparking speculations of if it will ever return there. FUD Derails
Ripple’s Growth During the 2017 bull run, Ripple (XRP) made a
splash in the market by going on an incredible bull rally. The
cryptocurrency was able to break above $3 and cement its position
as one of the largest cryptocurrencies in the space. This saw more
investors rally behind the token and pitch their tent there.
Related Reading | More Than 57,000 Traders Liquidated As
Bitcoin Declines Below $22,000 At the height of the rally, the
cryptocurrency had touched as high as $3.30 in January 2018 before
declining along with the rest of the market as the bear trend
began. However, XRP’s decline would transcend just the bear market,
given that the Securities and Exchange Commission (SEC) would take
a keen interest in it. It led to the most prominent lawsuit in the
crypto space, which is still ongoing at the time of this writing.
XRP trading at $0.33 | Source: XRPUSD on TradingView.com The FUD
that followed the lawsuit expressly delayed the growth of the
digital asset since then. Even when cryptocurrencies were touching
new all-time highs in the market, XRP was unable to do so,
remaining firmly under its previous cycle peak. Will XRP Retake $3?
With Ripple unable to reach its previous all-time high of $3.3
during the last bull market, it is unlikely that it will do so
presently with the bear trend. However, it doesn’t completely
eliminate the possibility of reaching this point once more.
Related Reading | Crypto Market Shaves Off $50 Billion In One
Day As Reversal Begins A key component to look at is how
cryptocurrencies tend to grow quickly in bull markets. At the
current price, Ripple (XRP) will need to do a 10x to reclaim its
previous high in 2018. An entirely possible scenario for a top 10
digital asset. But one thing is important in this quest to reach
this point, and that is the fact that Ripple wins its case with the
SEC. CEO Brad Garlinghouse has actually expressed confidence that
Ripple will be triumphant over the SEC. If this turns out to be the
case, a massive rally is likely to break out off the news of the
victory alone while propelling the digital asset’s price further
since it is no longer being weighed down by the SEC’s probe.
Featured image from Investopedia, chart from TradingView.com Follow
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