As the majority of assets in the cryptocurrency market open another week on a bullish note, investors and analysts are wondering if any of the currently advancing market participants could make a stronger upward push and dramatically increase their value.
One of the well-known cryptocurrencies has demonstrated the capacity to massively increase its price in a short timeframe, and it is XRP. As it happens, it managed to grow its price by 1,260% – from $0.25 to $3.40 in a matter of days back in January 2018, when it recorded its all-time high (ATH).
It is also worth noting that, just one year before, in January 2017, this crypto asset was changing hands at the price of $0.006385, which means it has succeeded in increasing its value by over 500 times within a period of just 12 months.
Factors to assist XRP growth
Although its current price is well below this record high, XRP has nonetheless demonstrated advances in other areas that could potentially help it repeat this success, including winning regulatory clarity through a lawsuit that the United States Securities and Exchange Commission (SEC) had filed against Ripple.
As a reminder, the SEC had accused Ripple of illegally selling XRP that it considered securities, but Judge Analisa Torres ruled on July 13, 2023, that retail sales of the cryptocurrency did not constitute securities sales, cementing XRP’s image as a non-security and allaying investors’ fears of illegal uncertainty.
More recently, the regulator has decided to completely withdraw from the case against the blockchain company’s top executives – CEO Brad Garlinghouse and co-founder Chris Larsen, dismissing all civil charges against them and marking the end of the long-running court standoff that has gripped the crypto community.
On top of that, XRP boasts a massive community that includes not only the token holders and enthusiasts but also legal experts like James K. Filan, John E. Deaton, and Jeremy Hogan, who kept the public informed of each development during the court case.
Furthermore, the XRP development team has been hard at work building the XRP Ledger (XRPL) ecosystem, including adding seamless transfers with a new on/off-ramp on its top self-custody wallet Xumm for 14 assets through the Internet of Value wallet gateway GateHub.
XRP price analysis
At press time, the fifth-largest crypto asset by market cap ($31.22 billion) was changing hands at $0.581, which shows an increase of 4.68% on the day, adding up to the 10.02% gain over the previous week and the advance of 12.19% across the past month, as per data on October 30.
Indeed, XRP has all the necessary foundations to continue to grow its price, although a 1,000x growth is not very likely, at least in the near future. That said, things in this sector can often change quickly, which is why it is important to do one’s own research and weigh the risks before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
