Ripple company had a great start in the year 2021. Its token price XRP soared from a low of USD 0.21 all the way to around USD 1.8. With this jump, it made an incredible 840%. When the fall of the cryptocurrency market occurred, XRP lost around 70% within the course of 2 months. Such volatility is expected in the crypto market, but XRP never reached its ATH price yet. Can the year 2022 be a better one for XRP hodlers? Will XRP price reach USD 3 in 2022? Let’s talk more about XRP’s price action in this XRP Price Prediction.
XRP Prices are in Consolidation
Ever since August of 2021, XRP prices seemed to have consolidated between a price of USD 0.78 and USD 1.3. Occasional fakeouts did occur from both ends, but the general price was moving in sideways. This is clearly visible in figure 1, where we can see a sideways trend.
This trade formation is a perfect heaven for day traders and medium-term traders. They basically buy towards the green line and sell around the red line. This eliminates most hassles in trading cryptos and all the noise that occur on the forums.
Today, prices are picking up. This comes at a crucial time which is the end of 2021. Investors and traders are prepping and looking at the new year ahead and making new strategies.
XRP Price Prediction – Can XRP BOOM in 2022?
It is a bit difficult to foresee what a specific project might achieve. On the other hand, what we can do is properly assess the project’s potentials as professional traders and investors do. For Ripple’s case, there are different factors that affect the price of the XRP token:
- The cryptocurrency market as a whole
- The SEC lawsuit
- XRP’s peer tokens
For the first point, it is no secret that the cryptocurrency moves in tandem with Bitcoin and the general consensus of the crypto market. If the market is generally up, most tokens including XRP will be up and vice versa. In 2022, if the market proceeds to grow further, XRP has a high chance to boom back to its previous highs.
Secondly, Ripple company still has a pending SEC lawsuit. This factor creates fear among XRP hodlers and investors. If the company manages to fight back or even settle, the price of XRP should boom higher. Everyone in the crypto community is waiting for what will happen, as such news will affect other projects as well in the future.
Lastly, the competition in the crypto market is strong. Today, there are many crypto projects that are solving the issue of transacting fast cross-border and within seconds. If other projects manage to breakthrough with no lawsuits such as for Ripple’s case, XRP might fall short. On the other hand, if Ripple can turn around and prove to be a leader in cross-border payments, we might see XRP moving up in the top 10 list of the biggest cryptos by market cap.
The Crypto Market as a Whole
In the past week, most cryptos seem to have recovered from the previous price adjustment that occurred. NEAR, FTM, ELON, and AAVE boomed and made +80%, +74%, +73% and +67% respectively. On the other hand, YFI, OKB, and LEO lost -4%, -3%, and -2% respectively.
1- Bitcoin (BTC) : + 10.11%
2- Ether (ETH) : + 7.40 %
3- Binance Coin (BNB): + 6.72 %
4- Tether (USDT) : 0 %
5- Solana (SOL) : + 14.74 %
6- Cardano (ADA) : + 27.80 %
7- Ripple (XRP) : + 7.71 %
8- USD Coin (USDC) : + 0 %
9- Terra (LUNA) : + 31.23 %
10- Polkadot (DOT): + 31.85 %
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