Ripple Price Prediction
XRP’s future hangs in the balance, with a result in its court case with the Securities & Exchange Commission (SEC) expected soon. XRP is one …
- XRP’s future hangs in the balance, with a result in its court case with the Securities & Exchange Commission (SEC) expected soon.
- XRP is one of the oldest cryptos around, having come onto the open market in 2014.
- Price forecasts for the ripple coin vary, with the uncertainty surrounding the court case a likely reason behind their diversity.
Ripple’s XRP cryptocurrency has been in the news over the last two years or so, as its long-running legal battle with the United States Securities and Exchange Commission has been ongoing.
However, with some hope that a decision in the case could be made soon, interest in the crypto had gone back up. So, let’s take a look at some of the XRP price predictions that were being made as of 1 June 2023.
Before we do that, though, there are some questions that we need to answer. What is Ripple (XRP)? How does Ripple work? What is XRP used for? Let’s see what we can find out.
Ripple (XRP) explained
In 2012, Ripple Labs, then called NewCoin, created the Ripple payment protocol, which uses the Ripple, or XRP, cryptocurrency to power it. The idea is to set up a system that allows people to transfer money internationally quickly and simply. While it has not, as some crypto enthusiasts predicted, replaced the Swift/BIC international money transfer system, it has proven to be popular, and it is one of the largest cryptos by market cap. XRP can be used for payments on the Ripple platform, and it can also be bought, sold, and traded on crypto exchanges.
Ripple Labs’ founders are entrepreneur Chris Larsen and computer programmer Jed McCaleb. Although McCaleb left the company in 2013, he remained involved in the crypto sphere, having helped set up the Stellar Lumens (XLM) crypto in 2015. Meanwhile, Larsen still works for Ripple, serving as the organization’s executive chairman, while the company’s CEO is Brad Garlinghouse.
In terms of XRP itself, it does something a little different from a lot of other cryptos. With most crypto coins, such as, for instance, Bitcoin (BTC), people can validate transactions and secure the network regardless of whether or not they have the approval of the people behind the blockchain, Ripple only allows people who have been approved to do this. This means that, compared to other blockchain networks, XRP is a lot more centralized, but, on the other hand, it does mean it is, at least in theory, more secure than other platforms. Something else that makes Ripple – the organization, rather than the crypto – stand out from its competitors is that it is a registered, for-profit company. This contrasts it with a lot of other blockchain organizations, which operate on a not-for-profit basis.
Something else that XRP does differently is that none of its tokens are mineable. Instead, every single one of the 100 billion XRPs that will ever exist already does exist, and they are released onto the open market every As of 1 June 2023, there was a little under 52 billion XRP in circulation. What is worth pointing out, though, is that there was a total supply of 99,988,920,499 XRP, implying that just over 11 million XRP had been burned, or removed from the market. Since Ripple does not burn XRP, then it is pretty safe to assume that the coin holders had, at some point, burned their crypto.
Ripple price history
In terms of the Ripple price history, the coin started trading at around $0.005 in 2014, before it reached an all-time high of $3.84 on 4 January 2018, as the world of cryptocurrency was caught up in a significant bubble. The coin dropped to below $1 in March of that year but was able to break above the dollar during the bull run of early 2021. By early 2022, though, it was back below the dollar and even spent a large chunk of the year below $0.50 as the crypto market suffered a series of crashes. There have been some encouraging signs in 2023, though, and, on 1 June 2023, XRP was worth about $0.504. However, it is important to remember that past performance should never be taken as an indicator of future results.
Ripple coin price prediction
Let’s now look at some of the Ripple price predictions that were being made as of 1 June 2023. It is important to remember that price forecasts can very often end up being wrong and that longer-term crypto price predictions are often made with an algorithm, which means that they can change at a moment’s notice.
Firstly, CoinCodex made a somewhat gloomy short-term Ripple price prediction for 2023. The site said that the coin would drop to around $0.502 by 6 June, before predicting its decline would continue, with it trading at around $0.415 by 2 July. The site’s technical analysis was, perhaps surprisingly, on the optimistic side of neutral, with 20 indicators sending bullish signals compared to 13 making bearish ones.
Secondly, DigitalCoinPrice had a more upbeat XRP price prediction, suggesting that the coin would trade at $0.98 next year before it broke past $1 in 2024 and trading at $1.70 in 2025 and $2.08 in 2026. The site then argued it would close the decade at $3.63 before making a ripple price prediction for 2030 that saw it worth $5.12. The site’s long-term XRP price prediction saw even more growth, claiming it would trade at an average of $9.70 in 2033.
Meanwhile, gov. capital was also broadly optimistic in its Ripple coin price prediction. The site said that XRP could close the year at about $0.544. The site then went on to make a Ripple price prediction for 2025 that said it would start the year trading at around $1.21, before hitting an average of $1.82 on 1 June and then closing the year somewhere in the region of $1.89. Moving forward, the website argued Ripple to trade at an average of $4.78 on 1 June 2028.
Finally, WalletInvestor struck a far more bearish note. The site said that there were tough times ahead for XRP investors, making a Ripple crypto price prediction that saw it slump to a mere $1.92 by early June 2024.
Is Ripple a good investment?
It is hard to say with any certainty right now. Pretty much everything hangs on what happens with the SEC court case. A win for Ripple could give XRP a much-needed boost, while a loss would almost certainly see it collapse. It is worth noting, though, that Ripple has become a market leader in terms of cryptos designed to send money internationally. With a market cap of more than $26bn at the time of writing, it is the sixth largest crypto by that metric and, bearing the sort of crash which affected the LUNA cryptocurrency last year, it looks like it will be at the higher end of the crypto charts for some time. As ever, though, the crucial thing before investing in any crypto is to do your research and never invest more money than you can afford to lose.
Will Ripple go up or down?
No one can say with any certainty. While the likes of DigitalCoinPrice are optimistic about the future of the coin, the likes of WalletInvestor take a far more bearish view. Remember, too, that price predictions are very often wrong, and that prices can, and do, go down as well as up.
Should I invest in Ripple?
Before you decide whether or not to invest in XRP, you will need to do your research, not only on Ripple but on other coins and tokens related to international money payments, such as stellar lumens (XLM). You should also make sure you remember that prices can go down as well as up, and never invest more money than you can afford to lose.
What does Ripple do?
Ripple (XRP) is used to send money internationally. The idea is that it is a quicker, cheaper, alternative to the SWIFT/BIC method of money transfer.
Is Ripple a real cryptocurrency?
Yes, it is. That said, the relatively centralized nature of its underlying platform means that there is an argument that it is not based on what might be described as a proper blockchain. Nevertheless, XRP is certainly a crypto, and, with a market cap of more than $26bn at the time of writing, it is one of the bigger ones.
Can Ripple reach $100?
It is always possible that crypto can reach $100. However, in the case of Ripple, this may not happen for quite some time. As it stands, the most optimistic long-term Ripple price prediction says that it could reach $9.70 in 2023, suggesting that $100 is a long way off, if it ever happens at all.
The article does not contain trading advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when making decisions.