Following the Bitcoin price dump and crypto market crash, XRP took another fall. As a result, the price dropped to as low as $0.3984 at the beginning of the month. This was the lowest point XRP has hit in more than a year, which concerned its holders as the token has been struggling for years. However, that has changed today as the token has bagged an impressive 11% in the last 24 hours and 18% over the week, bringing it out the dump to the current price of $0.5122.
Why XRP Is Called A Failed Crypto?
At the beginning of March, Jasn Pizzino, a famous crypto trader and analyst, questioned why people are still favoring XRP. He commented on why XRP should not be part of any person’s portfolio as it will never get closer to Bitcoin, not even to the peak of 2017 when it surged to a high of $16K.
Not only that, but many other critics also question the same, calling XRP a failed crypto. This comes after this altcoin has failed to retrieve its value in the market for years and has spent most of its journey underpriced.
It took XRP quite some time to make its place in the market for the first three years. It was low before getting a breakthrough in 2017 and creating an all-time high in 2018. Later, the trouble knocked on Ripple as the SEC summoned it regarding its native token and called it an unregistered security. With this, XRP price has been down for two years, maintaining an average of around $0.5 with minor surges here and there.
Reasons XRP Price Is Rising Today
The ups and downs are normal for cryptocurrencies, as their value changes with changing trends and market situations. However, with XRP, the case is a little more complicated. It has been following the declining trends, but the bullish trends were not that effective. Despite the sad history, the price is recovering today after almost a month.
An End To German Govt Bitcoin
As the selling pressure is cooling off after the German government sold its seized bitcoin, the entire crypto market is recovering, including XRP. The current gains are not bringing out profits but are making significant growth in the last few days and might continue to do so if the trend continues.
XRP Is Not A Security
This Saturday, Federal Judge Analisa Torres declared that XRP is not a Security and did not violate any securities law in that context. This news is the most awaited moment for the holders as the Ripple Vs. SEC legal battle is almost over.
The SEC has still called for a close to the public meeting on July 18, which might initiate a settlement on the case, freeing Ripple from years of legal problems.
Final Thought
XRP might be called a failed crypto, but it did have its share of hype in the market and is still consistent with its position in the top ten cryptos. It has gained a supportive community, and the holders are counting on the Ripple to make things right. With an end to the legal issues, the XRP price might gain a significant surge. Additionally, the XRP ETF rumors in the market might make things better.
Continue Reading Analyzing The Bitcoin ETF Net Flow for July
The post Failed XRP Token Price Surged to $0.51 After A Month: How This Happened? appeared first on CoinGape.
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