After riding bullish waves in 2021, XRP might witness a new all-time high with lucrative results from the SEC legal fight. Optimistic bullishness targets value areas at $5.0.
Indeed, cryptocurrencies, including Ripple (XRP), saw attractive price movements in 2021. Most digital tokens attained their new ATHs this year.
Increased market awareness and adoption of innovations like web3, metaverse, and NFTs saw the crypto market capitalization surging from a year-low of $736 billion in January to $3.009 trillion during November trading sessions. While writing this blog, cryptos have their global market capitalization at $2.390 trillion.
Alternative tokens also saw increased demand, with BTC dominance suffering. Bitcoin’s dominance hovered at 73.64% in January and plummeted to 39.57, year-low, in September. While writing this post, the bellwether token had its dominance at 40.1%.
XRP ranks 7th in the crypto-list, with its market cap at $43.77 billion (Coinmarketcap data). Ripple had dominated the 3rd spot before crashing to its current rank.
Ripple lost the 3rd spot despite gaining 319% in 2021. That means other altcoins performed better as Ripple Labs vs. SEC lawsuit pinned the remittance token back from massive surges. For now, Binance Coin ranks 3rd by market capitalization, following a 1,356% surge in the year, with Cardano surging 691% to 6th position. Meanwhile, Solana gained 12,765% in 2021, claiming the 5th rank.
Also read:Ripple Moves This Year
Ripple crashed in 2021 January, touching the lows of $0.2108 from the $0.7872 peaks from 2020. However, the cross-border token took advantage of the broad market trends, striking a year high at $1.9660 during April sessions before plunging to the $0.50 mark.
The SEC legal battle against Ripple Lab contributed to the selloff. However, hopes about XRP winning emerged late in the year, and XRP tested the $1.0 resistance.
Ripple in 2022
Markets remain bullish for the coming years. However, XRP’s actions might depend on its lawsuit’s outcome. A non-profit watchdog Empower Oversight filed against SEC for bias. If that forces SEC to close the case against Ripple, XRP will see impressive upswings.
Such outcomes might see XRP overpowering 2018 January ATH of $3.35. Some believe the asset will hit $5.0 in 2022. However, ruling against Ripple might mean a bearish 2022 for digital coins, crashing XRP down towards the $0.5 mark.
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