on CoinMarketCapAs of today, July 20, XRP has risen to sixth place with a market cap of $17.63 billion. Being able to surpass not only Binance USD but also Cardano and Solana is a remarkable achievement for Ripple’s native currency.
Ripple’s native token, XRP, provides a payment arrangement between banks and digital asset exchanges. It reduces the number of extra steps required when transferring money internationally, leading to lower costs.
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However, by breaking significant resistance, XRP outperforms Binance USD market cap and gains the upper hand by 8%. The main factor contributing to XRP’s placement in sixth place is the coin’s weekly price increase of over 21%.
Much more needs to be done for the battle between Binance USD and Ripple. However, both are still trying their best to progress which, under the right circumstances, could lead to them taking fifth or fourth place, or even third and second place, in addition to keeping their original standings of sixth. and seventh.
Following news updates about the SEC v. Ripple lawsuit, investors’ more optimistic stance led to a surge in the coin’s price. Fans and developers of Ripple are now closely following the US SEC’s ongoing lawsuit against the company, which, according to the most recent news.
Analysis of Ripple (XRP) Struggles to Regain Its Value
In terms of cryptocurrency lifespan, Ripple is one of the longest. When it was first introduced in 2012, it often traded for less than $0.10. However, when the crypto market experienced a boom in late 2017 and early 2018, XRP was one of them that benefited a lot from this boom and its all-time high on January 4, 2018, at $3.84.
The coin quickly began to decline and by the end of 2018, it was worth just $0.50. By this time, the value of XRP continued to fall. The coin was in the early stages of a bull run that ended on April 14, 2021, when it reached an average high of $1.96.
Since early September 2021, the seventh-largest coin has struggled, dropping more than half of its value, while dozens of other cryptocurrencies collapsed in this period.
The situation worsened in January 2022 when a sluggish cryptocurrency market caused XRP to end the month at $0.6191. It then fell further to $0.345 on May 12 due to the market turbulence caused by the de-pegging the TerraUSD stablecoin and the demise of LUNA.
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It was valued at about $0.40 on June 10. After that, the cancellation of withdrawals by the cryptocurrency lending firm Celsius confirmed that the cryptocurrency market is in a bear market and on June 18, it dropped to $0.2906.
However, it has already bounced back from its June low and is currently trading at $0.366650, up 12.6% in 14 days. In addition, the Finder panel predicts that the price of Ripple (XRP) will rise nearly 260% in 2022, reaching $2.55 by the end of December this year.
Featured image from Flickr, chart from Tradingview.com