Do you remember what happened to XRP during the last bull market?
I’m sure you do.
If you don’t, I’ll fill you in.
A vast majority of Cryptocurrencies was seeing euphoric gains during the end of 2017, but there was one alt-coin, which barely moved at one stage.
XRP to be precise.
XRP hovered around the $0.25 region for a considerable amount of time and many wondered whether this Alt-coin would take off or be left behind the many Crypto’s built on hype and speculation.
And then something happened…
In a short unexpected burst of price movement, XRP’s value skyrocketed from $0.25 to an all-time high of $3.90.
This has since brought on many debates surrounding the price of XRP.
Most noticeably a twitter discussion recently as to whether XRP can EVER reach $10?
The tweet mentioned;
“Some people really think that $XRP can’t hit $10.00? If people are calling for this bull run to be 3X of what it was in 2017, then that should be an easy number to hit.”
Another Twitter user with another point to take into consideration then replied;
“When it hit $3, xrp coin circulation was quite low compared today, if it hits $10 it has to take over Bitcoin marketcap.
So how exactly was it possible for XRP to run up in price during the last bull market?
XRP Circulation & Hype
In December 2017 XRP was circulating at 38,739,144,847 with a marketcap of $9,194,070,526 before surging to a marketcap well over $130,853,590,979 in January 2018
However, what we fail to remember during this period is that hype and speculation very much drove the price of XRP to all-time highs!
I remember people speculating…
… XRP will never hit $0.50
……Ok, XRP will never hit $1.00
………Hmm, Surely XRP will never go above $2.00?
And the rest remained history as many doubters were humbled by the price of which XRP was capable of reaching just off hype alone.
The circulating Coinbase news of XRP being listed was also another significant factor in driving price higher.
Now whilst the price has stabilized around the $0.30 region at the time of writing this, significant developments have happened within the Ripple space to suggest not only can XRP hit $3, but can also eclipse this price point.
Ripple has since during this bear market, made groundbreaking developments within the Cryptocurrency space partnering with over 200 firms on its RippleNet network including Santander/ Standard Chartered/ Japan’s Mitsubishi.
Ripple’s objective is to make international payments faster and cheaper than the current SWIFT banking system, which will save a substantial amount for banking/financial institutions worldwide.
Now the unique point for Ripple is that it was specifically designed for institutional banks to facilitate international transactions in huge volume.
So what effect does this have on price?
Well, with a number of financial payment providers already successfully trialing xRapid, it will only be a matter of time before XRP is utilized as a standard of payment processing which can only propel the price of XRP higher.
Some may say $10?
Well, the more financial institutions/banks adopting the use of XRP/xRapid, the higher the probability that we could see an exponential gain in XRP’s value.