What is Ripple crypto, and is it profitable in 2023?
Ripple is one of the leading blockchain networks, introducing a unique crypto-based digital payment system. The network is powered by Ripple crypto asset XRP, which provides various cryptocurrency solutions for businesses.
Since its launch in 2012, XRP has been a leading cryptocurrency by market cap. But the coin has been a hot topic in the crypto news since 2020 because of the infamous SEC vs. Ripple lawsuit. Following the case's conclusion, the currency performed well in the market and gained investors’ attention.
But one might wonder whether Ripple crypto is still a profitable investment in 2023. Let's find out.
What is the Ripple network?
Ripple network is a blockchain-based financial system for cross-border transactions. It introduces an entirely decentralised and permissionless ledger that allows seamless transactions. The blockchain is designed like the SWIFT international money transferring system backed by a secure ledger.
The network offers numerous payment solutions, including Cross-Border Payments, Crypto Liquidity, and Central Bank Digital Currency. These valuable enterprise solutions can help businesses use digital assets to transfer money. Moreover, these solutions also allow them to leverage the Distributed Ledger Technology (DLT) to secure the transactions.
What is the Ripple crypto asset XRP?
The network has a native crypto, which is known as XRP. All the transactions on the network are supported by XRPs. The coin can support transactions between fiat currencies as well as cryptocurrencies. That's why it also speeds up currency conversions.
The blockchain mainly relies on XRP for settling transactions. It works as an intermediary settlement layer for transactions for both fiat and digital assets. It helps make the network faster, cost-effective, and scalable, with 1,500 transactions per second capacity.
Ripple crypto price outlook
Aside from working as a settlement token, XRP also has real-world value. According to CoinMarketCap, one Ripple crypto is currently priced at $0.4935. The current value is below its 200-day Simple Moving Average (SMA), which was $0.51.
XRP is likely to persist with the bearish sentiment in the coming days. However, there is a possibility of a bullish turnaround that may take its price to $0.55. For this reason, the support level of $0.42 is critical. If XRP floats above the support level and capitalises on buying pressure in the market, it may break above $0.5.
On the other hand, bullish predictions from CoinCodex suggest that its price may increase by 38% in the coming week. You may expect a rise that could push its price to over $0.68. So, while the overall market sentiment is bearish, XRP can still pull back to its 200-day SMA.
The price surge after the SEC vs. Ripple lawsuit
The courtroom battle between Ripple and the financial watchdog, the US SEC, continued for almost three years. In July, Ripple got a partial victory as Judge Torres gave a verdict in favour of XRP not being a security and hence not falling under SEC laws. Following this ruling, the XRP price surged as high as 94 cents, impacting the overall market.
However, now that the SEC has appealed for a review of the verdict, we are back to square one. It has again triggered a bearish rally due to uncertainty over the future of the XRP coin.
It would be critical to see how the investors react to these developments. If they continue to buy and accumulate the token, its price may recover and surpass the previous all-time high. In case of an increased selling pressure, we may expect new lower highs and lower lows.
Can Ripple crypto reach $1?
The XRP coin price has suffered a lot because of the SEC lawsuit, and there remains uncertainty regarding its future. It is a critical juncture for the token, which may determine the long-term trends and whether it will reach $1 or not.
According to the forecast from DigitalCoinPrice for 2023, this cryptocurrency is likely to average $0.98 and may touch the maximum of $1.10. Meanwhile, the minimum price of the token is expected to be $0.45, which is closer to the current price.
Moreover, the anticipated price of XRP in 2024 and 2025 is $1.25 and $1.70, respectively. Therefore, its price can gradually increase and cross the $1 mark next year.
Is Ripple a good investment?
Ripple was one of the earliest innovators in the crypto industry, introducing a global transaction system for businesses. That's why it has gained popularity among crypto investors.
However, its performance has suffered because of the SEC case. But now, as the court has given the verdict that securities laws cannot be implemented on XRP, it is expected to rise.
If the token holds above the support level of $0.42, its price will likely rise. Predictions also show that by the end of 2023, its price may cross the $1 landmark.
This is the crucial time to see how it holds in the market and decide accordingly.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.