Ripple, despite all its troubles in recent years has been a well-known name on the crypto market. Although the digital asset was predicted to plummet as the case against the SEC continued, it managed to retain its market share and build a strong community. Nevertheless, the digital asset remains one of the few that didn’t hit its previous all-time high during the last bull run, sparking speculations of if it will ever return there.
FUD Derails Ripple’s Growth
Ripple (XRP), during the 2017 bull market, made quite a splash by staging an amazing bull rally. This cryptocurrency broke above $3 to cement its status as one the most important cryptocurrencies. This led to more investors backing the token and pitching their tent there.
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The cryptocurrency reached $3.30 at the peak of its rally in January 2018, before falling with the rest as the bear market began. However, XRP’s decline would transcend just the bear market, given that the Securities and Exchange Commission (SEC) would take a keen interest in it. The most famous lawsuit against crypto currency was triggered by it, and is ongoing at this time.
Source: XRPUSD on TradingView.com| Source: XRPUSD on TradingView.com
FUD that followed the case clearly deterred the cryptocurrency’s growth. Even though cryptocurrencies reached new market highs, XRP could not do the same, and remained well below its prior cycle peak.
Is XRP worth $3 Retake?
Ripple was unable to hit its all-time high $3.3 in the last bull markets, so it’s unlikely it will with the current bear trend. However, it doesn’t completely eliminate the possibility of reaching this point once more.
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One key aspect to consider is the fact that cryptocurrencies grow rapidly in bull markets. To regain its 2018 high, Ripple will have to grow 10x at the current price. An entirely possible scenario for a top 10 digital asset. However, one important thing to remember in our quest to get there is Ripple’s victory with the SEC.
Brad Garlinghouse, the CEO of Ripple has stated that he is confident Ripple will triumph over SEC. If this turns out to be the case, a massive rally is likely to break out off the news of the victory alone while propelling the digital asset’s price further since it is no longer being weighed down by the SEC’s probe.
Featured image taken from Investopedia. Chart from TradingView.com
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