Will the Ripple (CCC:XRP-USD) price reach $1? And, will XRP finally revisit its all-time high price from early 2018? These are the burning questions on the minds of many cryptocurrency traders today.
One popular cryptocurrency commentator is suggesting that Ripple is about to break through its long-standing resistance barriers.
At the same time, Ripple issued a white paper that constructs a compelling case in favor of central bank digital currencies (CBDCs) — with perhaps the implied message that Ripple could be instrumental to central banks in the research and development of CBDCs.
If this all sounds bullish for Ripple, you’re definitely getting the right message here. So hang on as we take a tour through the recent XRP price history, with an eye toward its undoubtedly exciting future.
A Closer Look at the XRP Price
If you can believe it, XRP has gone as high as $3.40 in the past. It was in January 2018 that both the price and the crypto market’s sentiment were at peak levels.
Fast-forward to 2020: for much of last year year, Ripple was stuck at around 20 cents. However, the price spiked above 30 cents for a quick gain a couple of times — once in February, and then again in August.
Then came a roller-coaster ride that took XRP up to a 52-week high of around 77 cents on Nov. 24, only to crash back down to 22 cents by the end of 2020.
There have been signs of another bull cycle, however, as the Ripple price crept back up to 56 cents by March 29, 2021.
Clearly, it is possible for the price to reach $1 and even $3, as this has happened in the past. Maybe it could go even farther than that — but is it reasonable to think so?
Priming the Pump
At least one prominent crypto guru seems to believe in Ripple’s potential to stage a major breakout.
In other words, when Credible Crypto talks, people in the digital assets community listen. So, what does this individual envision for the Ripple price?
$XRP coiling up on the chart like an $HBAR-barian, Ripple putting pressure on the SEC in the lawsuit, and some very valid reasons as to why $XRP should (and could) be re-listed by major US exchanges. A massive pump is on the horizon. I hope you’re prepared to be a part of it. https://t.co/OkJVI0HM2q
— Credible Crypto (@CredibleCrypto) March 25, 2021
There’s also a “potential breakout” of a consolidation pattern afoot, according to Credible Crypto. And I must admit, I do see the possibility of a big moment coming for XRP-USD.
The bulls have tried multiple times to get the price above $1 and keep it there during the past six months. Each time they were denied, but it’s hard to imagine that the bulls will never succeed.
Ripple to the Rescue
And yes, as Credible Crypto mentioned, Ripple has indeed been putting pressure on the Securities and Exchange Commission — but that’s not necessarily the biggest growth driver on the horizon.
In my view, governments won’t always be perceived as adversaries to Ripple. There might even come a time when Ripple could help governments develop their own CBDC’s.
Ripple didn’t exactly say this, but we might surmise that this is the implied message in a white paper issued by Ripple, titled “The Future of CBDCs: Why All Central Banks Must Take Action.”
In it, Ripple reports that one-fourth of U.S. consumers used cash less often since the Covid-19 pandemic began. Moreover, there are 1.7 billion unbanked adults in the world.
With those issues in mind, Ripple strongly suggests digital currencies as a cheaper and faster alternative to fiat money. The white paper mentions CBDC’s many times, but we could replace the term “CBDC’s” with “Ripple” and the argument wouldn’t be substantially different.
If the challenge is for governments to bank the unbanked and deploy an efficient, borderless currency, they don’t need to build one from scratch. After all, Ripple’s been here all along.
The Bottom Line
Your decision to buy or not buy XRP-USD shouldn’t be based on a Twitter feed or a white paper.
It’s a personal decision: do you believe that Ripple has more value than what’s reflected in the current price?
If so, then owning Ripple for the long term is among the easiest decisions you can make.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article.
David Moadel has provided compelling content – and crossed the occasional line – on behalf of Crush the Street, Market Realist, TalkMarkets, Finom Group, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.
The post XRP-USD: Forecast of Imminent Ripple Breakout Could Be Credible appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.