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XRP is a cryptocurrency that excited enthusiasts from the start. It is the native coin of Ripple, an ambitious payment system aimed at replacing SWIFT as the method used by banks for international money transfers.
The project has not been without failures. Most notably, the SEC filed a lawsuit against Ripple in late 2020 for selling unregistered securities, specifically its XRP coin. This has led to its delisting from most major cryptocurrency exchanges, a sharp drop in prices, and a somewhat quieter 2021 so far compared to other popular coins. While Bitcoin, Ether, and many other cryptocurrencies have reached all-time highs, XRP has still not approached its peak of 2018.
Despite the fact that XRP didn’t set new records, it did work well for those who got in early. If you bought $ 1,000 five years ago, it would now be worth six figures.
The growth of a $ 1,000 investment in XRP
Five years ago, you could buy XRP for just over a dime. At that low price, a purchase of $ 1,000 would have earned you about $ 173,000.
The price of XRP is now $ 0.85. With this massive increase, your previous investment of $ 1,000 would now be worth over $ 147,000.
That’s an increase of over 14,000%, which shows how much money it is possible to make with the right cryptocurrency. However, as you will see in the XRP price history, it is not always easy to know when to buy and when to sell.
A history of XRP prices
Here are the most notable prices that XRP has achieved over the years:
XRP’s first recorded price on CoinMarketCap was $ 0.005874 on August 4, 2013. Apart from a few brief price jumps, it would remain below $ 0.01 through 2017. The second quarter of 2017 was the first big break from XRP. Ripple added several financial institutions to its payments network and further decentralized its XRP ledger. In May of this year, prices hit over $ 0.40. XRP soared at the end of 2017 during the crypto boom. On January 4, 2018, it hit $ 3.84, which is still its all-time high. The price collapsed almost as quickly as it had gone up and was below $ 1 at the end of January 2018. Although there have been occasional price increases. , XRP was on a downtrend and was worth less than $ 0.15 in March 2020. As crypto entered a bull market in the second half of 2020, XRP followed suit and cracked $ 0.75 in November. But the SEC lawsuit halted its momentum and took the price below $ 0.30 in December. XRP rebounded in 2021, approaching the $ 2 mark in April. Is XRP a Good Buy?
XRP has been a fantastic investment for buyers who entered early enough, and especially for anyone who sold around its peak in early 2018. It’s the past, however. It is now more difficult to judge if it is a good investment.
One point in favor of XRP is that Ripple has entered into hundreds of partnerships with its international payment technology. Among the most prominent partners are:
American ExpressBank of AmericaSantander
Many of them use Ripple, not necessarily XRP, but Ripple’s success remains good news for its cryptocurrency.
On the other hand, XRP has a cloud hanging over it with the SEC lawsuit. Due to this lawsuit, most crypto exchanges don’t even allow you to buy and sell XRP. This includes the largest US exchange, Coinbase, which suspended XRP trading in January. Even if you want to buy XRP, it’s not easy, although Coinmama is an exchange that offers it.
The half-full point of view is that if Ripple passes the trial, XRP could be due to a price increase. But as it stands, it’s still a gamble. If you do decide to buy some, make sure you only put in what you are comfortable losing.
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