The cryptocurrency market has been on a downtrend since November 2021. Most tokens reached record highs before returning to their respective support prices. However, Ripple is one of the cryptocurrencies that couldn’t reach its all-time high of $ 2.7. Today, prices remain around very important prices. If things get worse, the price of XRP could fall further. What is the price of XRP? Will XRP crash to 10 cents? Let’s rate it in this XRP Price Forecast article!
What is Ripple XRP?
RippleNet is a global payment platform created by Ripple, a FinTech business in San Francisco. They basically built an XRP ledger blockchain and an XRP native token. In fact, Ripple was founded in 2004, long before the term “cryptocurrency” was used. RipplePay was founded when trying to make valuable internet and their own money. The software was centralized and the network was small. Therefore, in late 2012, Ripple Pay partnered with another company named Open Coin to establish a company now known as Ripple.
Join Chat Discord
XRP is a digital asset in the XRP ledger that provides financial services providers with on-demand liquidity. It also acts as a bridge currency to facilitate cross-border transactions. The transaction fee for XRP is 0.00001 XRP or 10 drops, which is less than 1 cent per transaction at today’s price. With XRP, payment providers can enter smaller markets, enjoy faster payment settlements and reduce forex costs. The XRP ledger is open source, maintained by a global and independent community, and Ripple is an active member.
Why did XRP crash in 2022?
XRP like other cryptocurrencies crashed. The reasons are very diverse and have nothing to do with Ripple. In fact, there are many other basic effects that have caused this dip. Some of those reasons are:
- Correlation between cryptocurrencies and stock markets
- War with Ukraine
- Failed ecosystem of some crypto projects (Yuga Labs, Terra)
- Cryptographic market is overbought and needs adjustment
- Tighter regulations
The above reasons are just a few examples of what happened after November 2021. All cryptocurrencies crashed on average over 50%. The price of XRP specifically fell from its highest price of $ 0.90, reaching its current price of $ 0.38, or -58%.
XRP Price Forecast-Will XRP crash to 10 cents?
Not surprisingly, the price of XRP isn’t looking good right now. In fact, current prices are integrated around a very important price range, separated between $ 0.38 and $ 0.40. If the higher rebound fails in the next few days, the price of XRP should drop to the psychological price of $ 0.30.
If this new level is also broken, the next support will be a psychological price of $ 0.20 and $ 0.10.
You probably like it too
