The Story of Ripple and XRP Price Prediction

Despite the multiple technological developments that have connected people worldwide at an unprecedented level, transferring money over borders is a standing problem. Since 1973, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) has enabled financial payments between banks on a global scale. However, this service relies on a third party to clear and settle transactions.

RipplePay: The Early Years

To address the problem above, Ryan Fugger founded RipplePay in Vancouver, Canada, in 2004. The goal of this company was to securely transfer money around the world without the inconveniences of the SWIFT system. In 2012, RipplePay was acquired by engineers Jed McCaleb, Arthur Britto, and David Schwartz, who renamed the company NewCoin, and later OpenCoin. Angel investor Chris Larsen joined the team and became the CEO of OpenCoin.

McCaleb, Britto, and Schwartz had been fascinated by Bitcoin for some time. Since early 2011, these engineers have developed a faster, cheaper, and more scalable network than Bitcoin, facilitating financial transactions through a bridge digital asset. In June 2012, the trio of developers finally launched a distributed ledger that improved upon the fundamental limitations of Bitcoin. They named this ledger’s code ‘Ripple.’

The Ripple distributed ledger was designed to include a digital asset named “Ripples,” or XRP, following the naming convention used by Bitcoin (BTC). At the time, the name Ripple was used to designate the open-source project, the XRP digital asset, the unique consensus ledger, the transaction protocol, and the digital currency network. Even today, it is not uncommon for people to refer to the XRP digital asset as Ripple.

Ripple Labs Is Established

Although OpenCoin had developed a revolutionary solution for the global financial system, Larsen never thought blockchain technology should be used for this purpose. In 2013, OpenCoin was renamed Ripple Labs, eventually becoming just Ripple. This company launched xCurrent, a messaging and settlement solution for instant cross-border payments. This solution was designed for banks and financial institutions.

In 2014, McCaleb left Ripple Labs to create Stellar (XLM), a network similar to the Ripple network. All the components of the Ripple network facilitating global financial transactions converged in a single entity known as RippleNet, an effective alternative to the SWIFT system. This same year, Ripple Labs launched its second product, the XRP digital asset, which eased cross-border payments. The XRP initial price was around $0.006 per token.

In the following years, Ripple Labs experienced significant growth. In 2016, the company established the Interledger Protocol, enabling interoperability between different payment networks and currencies. In December 2017, the XRP price showed its first significant appreciation, reaching its all-time high of $3.84 on January 4, 2018. In 2018, Ripple launched the ODL solution, ensuring low-cost and fast cross-border transactions.  In 2019, Ripple acquired Algrim, a trading company based in Iceland. The move was intended to expand Ripple’s presence in Europe.

Ripple: The Tumultuous 2020s

In 2020, the nonprofit XRPL Foundation was launched to foster the decentralized XRP Ledger (XRPL) adoption. This foundation has become an essential component of the Ripple ecosystem, allowing the creation of a vibrant community and improvements to the XRPL infrastructure. However, that same year, the U.S. Securities and Exchange Commission (SEC) sued Ripple over allegations that XRP is an unregistered security. After winning a key victory in 2021 in this lawsuit, the CEO of Ripple expects it to be resolved by June 2023.

XRP Summary

As of May 24, 2023, XRP is the 6th most valuable cryptocurrency by market capitalization, according to CoinMarketCap. It is not uncommon to hear some people say the XRP is not a “real cryptocurrency.” However, such a claim is incorrect because even though XRP does not use blockchain technology, it fulfills the definition of a cryptocurrency: a digital coin built upon a decentralized ledger for peer-to-peer (P2P) transfer of value over the Internet.

After its first significant price run in 2017-2018, XRP stabilized its price between $0.1 and $0.9 until April 2021. Then, the XRP price experienced substantial growth, reaching $1.58 on May 7. That year was relatively good for XRP and other cryptocurrencies. However, in 2022, the XRP price plummeted, going from approximately $0.85 on the first days of January to $0.35 on July 16. The XRP price by the end of 2022 was around $0.34.

In the first months of 2023, the XRP value increased modestly. XRP traded at around $0.55 on March 29. As of May 24, 2023, the XRP price was approximately $0.45.

XRP Price Prediction

Ripple XRP Price Prediction 2025

In 2025, XRP will be back on track, and its price will increase more rapidly. PricePrediction expects an average XRP price of $1.3, with a potential maximum of $1.5. CryptoNewsZ agrees with this prediction. DigitalCoinPrice is more optimistic, with an average price of $1.5 and a maximum of $1.6. Hence, your XRP investment at the current $0.45 could grow by +255%.

Ripple XRP Price Prediction 2030

In 2030, the XRP price will likely reach new highs. DigitalCoinPrice expects XRP to trade at $4.6 on average in 2030, possibly reaching $4.7. CryptoNewsZ predicts an average XRP price of $4.6, with a maximum of $5.5. For its part, PricePrediction indicates an average price of $9, with a potential maximum of $10.2. Your XRP investment at the current trading price of $0.45 could grow by 2,166% in 2030.

FAQs

Is XRP a good investment?

Although Ripple has developed a viable alternative to the SWIFT payment system for banks and financial institutions, the company is at the heart of a long-running court battle. The XRP price greatly depends on the result of this legal battle and when the ruling will be delivered. Price predictions are optimistic; based on them, one could consider XRP a good long-term investment. However, you must thoroughly research this digital asset before investing.

Why are XRP prices so low?

The crypto market has experienced one of the most brutal bearish runs in 2022. As a result, the prices of most cryptocurrencies dramatically dropped. XRP was not an exception. Additionally, Ripple CTO, David Schwartz, believes the sluggish performance of XRP could also result from uncertainty about cryptocurrencies’ future and whether they will be the next big thing. However, it is undeniable that another main reason behind XRP’s low prices is that the SEC is suing Ripple for $1.3 billion.

How to Buy Ripple (XRP)?

XRP is one of the oldest and most popular cryptocurrencies. Many exchanges list this asset for trading. However, the best option to buy XRP at competitive rates and without hassle is LetsExchange.io.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.