According to the forecast, Ripple may touch $2 by the end of 2022
Blockchain technology serves as the primary force behind many popular cryptocurrencies. It stores transaction data in blocks and loops for security. Unlike the best cryptocurrencies that are powered by blockchain technology, Ripple works on a disruptive model called ‘hash tree’. Similar to blockchain technology, XRP uses this futuristic method to record transactions. However, Ripple has been on a downtrend since last month. After hitting a record high of $1.33 in November, XRP has been facing a steady slide. Therefore, we explore whether Ripple has the potential to emerge as the best cryptocurrency investment in 2022.
In the modern digital ecosystem, cryptocurrencies have evolved to become the epicenter of financial transactions. As digital tokens gain popularity, more and more people are starting to experiment with the decentralized model. While the blockchain is the biggest player on Earth, will investors take a moment to consider other underlying models? Yes they did. This is how Ripple has become the best cryptocurrency investment in the digital sphere. Ripple operates its platform, RippleNet, which allows anyone to send and exchange cryptocurrencies or transact across borders. Since its inception, RippleNet has emerged as a direct competitor to the SWIFT (Society for Global Interbank Financial Telecommunication) banking system. At the time of writing, XRP is at $0.8195 with a market capitalization of $38.72 billion. With an annual growth of 256%, Ripple managed to occupy the eighth position in the market. However, its price is expected to grow even more in 2022 as enthusiasts anticipate that the Ripple vs SEC case will come to an end next year.
Ripple is a financial technology company that generally provides global payment solutions through its patented payment network known as “RippleNet”. RippleNet is built on the basis of an approved XRP ledger that is futuristic and open source. Ripple is promoting the best cryptocurrency called “XRP”. Although Ripple uses both the XRP ledger and XRP coins, it operates independently outside the company. In addition, XRP does not use the popular Proof of Work or Proof of Stake models. Instead, it only works on a protocol consensus algorithm that validates accounts and transfers payments through independent nodes.
XRP reached mainstream adoption in 2017 and 2018. While Bitcoin reached new highs in 2017, it finally shed some light on the next aligning altcoins. Fortunately, Ripple was one of them. However, after the bullish run of 2017, the price of XRP dropped significantly and almost lost 97% from its all-time high. Fortunately, over time, the cryptocurrency gained its position and managed to enter the top ten list.
Ripple vs. SEC: The Biggest Catalyst for 2022
Ripple Labs, the parent organization of XRP, is locked in a major battle with the US Securities and Exchange Commission (SEC). The SEC claimed that the sale of XRP tokens was from unregistered securities. Ripple disputed the claim, saying that it does not consider XRP a security. This court battle has caused the price of XRP to drop dramatically in the past year.
However, experts note that the case is coming to an end. They are of the view that although the judicial process has been slow, the case appears to have made progress. Therefore, chances are high that it will end in 2022. Moreover, this Ripple vs SEC case is beyond the interest of Ripple Labs. Many see it as the first case in which the government has veered against the cryptocurrency market. Even the outcome of the case is expected to have a major impact on the entire field.
XRP in 2022
Over the past few years, Ripple has evolved into a high-performance money transfer network that allows transactions to be faster and cheaper. It has come a long way to get to where it is today. But what cryptocurrency has in the bag for 2022 is quite a mystery. With the Sec vs Ripple case expected to end next year, experts predict that the price of XRP will rise significantly if the outcome is in favor of the company.
Besides, the general price predictions say that XRP will touch $1.62 in 2022, which would double its value compared to the current time. The charts further assume that Ripple could reach $2 if all goes well.
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