xrp cryptocurrency price

How Did Ripple’s Price Perform in 2017?

How Did Ripple's Price Perform in 2017?
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While 2017 was a big year for cryptocurrencies, Ripple seems to have flown under the radar somewhat. Certainly, digital currency has its share of investors and enthusiasts. As of this writing, with a global market cap of over $43 billion (according to coinmarketcap.com), it remains the fourth largest virtual currency in the world.

Earlier in December, its price soared over the course of a single day that it briefly surpassed Bitcoin Cash to take third place according to market cap. (See more: Ripple briefly releases Bitcoin Cash as the third largest cryptocurrency.) But while Bitcoin set new price records repeatedly throughout the year, XRP saw massive growth primarily at the end of the year.

January 1st: $0.0063

Ripple has been around for several years, but the beginning of 2017 saw the cryptocurrency float at a low rate per token. (See also: Ripple’s Return: Here’s why.) As of January 1, one Ripple token can be purchased for as little as $0.0063, according to coingecko.com.

The price of XRP did not really rise until the middle of the year; After a brief jump to just over $0.02 per token in late March, the coin made quick gains during late April and early May.

May 16: $0.4054

XRP reached a local high on May 16, 2017, when it reached just over $0.40 per token. As is common for cryptocurrencies that have just hit new record prices, Ripple has fallen from that peak in the following days. However, it has settled at a much higher price point than it was earlier in the year. From late May through early December, the coin was hovering around $0.20 per token. Of course, during this period there were many peaks and valleys, but XRP did not return to its previous highs during that period.

December: Over $1 for the first time

After the first week of December, the Ripple price started to rise. On December 13, XRP hit a new record of over $0.86 per token. As of this writing, XRP has surged to new heights, breaking the $1 per token price barrier on December 21. With several days out of the year, it remains to be seen if this is a temporary anomaly in prices or signs of more significant growth to come.

Ripple’s price hike may be related to the announcement that both American Express and Santander’s blockchain will be used to facilitate certain types of cross-border transactions.

Some investors also believe that Ripple will help speed up remittances in the future, according to Motley Fool. Regardless, this appears to be one of the top cryptocurrencies to watch through 2018. (See More: How Can I Buy Ripple (XRP) Cryptocurrency?)

Investing in cryptocurrency and other initial coin offerings (“ICOs”) is fraught with risks and speculation, and this article is not a recommendation by Investopedia or the author for investing in cryptocurrencies or other ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

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