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Ripple (XRP) Is Up 190% From Cycle Low, But Will It Ever Reach $3?

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Ripple (Xrp)

Ripple has remained a prominent name in the crypto market despite its woes in recent years. The digital asset was expected to crash as its case with the SEC raged on, but it has managed to maintain its hold on the market while building an effective community around itself. 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

During the 2017 bull run, Ripple (XRP) made a splash in the market by going on an incredible bull rally. The cryptocurrency was able to break above $3 and cement its position as one of the largest cryptocurrencies in the space. This saw more investors rally behind the token and pitch their tent there.

Related Reading | More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000

At the height of the rally, the cryptocurrency had touched as high as $3.30 in January 2018 before declining along with the rest of the market as the bear trend 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. It led to the most prominent lawsuit in the crypto space, which is still ongoing at the time of this writing.

XRP trading at $0.33 | Source: XRPUSD on TradingView.com

The FUD that followed the lawsuit expressly delayed the growth of the digital asset since then. Even when cryptocurrencies were touching new all-time highs in the market, XRP was unable to do so, remaining firmly under its previous cycle peak.

Will XRP Retake $3?

With Ripple unable to reach its previous all-time high of $3.3 during the last bull market, it is unlikely that it will do so presently with the bear trend. However, it doesn’t completely eliminate the possibility of reaching this point once more. 

Related Reading | Crypto Market Shaves Off $50 Billion In One Day As Reversal Begins

A key component to look at is how cryptocurrencies tend to grow quickly in bull markets. At the current price, Ripple (XRP) will need to do a 10x to reclaim its previous high in 2018. An entirely possible scenario for a top 10 digital asset. But one thing is important in this quest to reach this point, and that is the fact that Ripple wins its case with the SEC.

CEO Brad Garlinghouse has actually expressed confidence that Ripple will be triumphant over the 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 from Investopedia, chart from TradingView.com

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Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge

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Ethereum Price Slides As Staked Token Reaches New Ath Ahead Of Hyped Merge

Despite changes in the asset’s price, Ethereum is steadily adding to the ETH 2.0 staking contract.

According to the development team, this occurs about a month before the Merge is scheduled to occur.

Ethereum Staked Token Hit New ATH

According to Dune Analytics data, more over 13.2 million ETH have been deposited to the staking contract, however there are only about 80,000 unique depositors.

ETH Staked on ETH 2.0 Contract. Source: Delphi Digital

The graph above shows how ETH’s amount locked in the staking contract has gradually increased and reached a new all-time high in terms of ether.

A far cry from the peak reached last year, when ETH was close to $5,000, the USD value had soared to just shy of $24 billion.

The remarkable results come as the Ethereum development team continues to provide updates on the progress of the switch from PoW to PoS.

The most anticipated event in the bitcoin sector this year is referred to as the Merge.

Among other advantages, it should make Ethereum less energy-intensive and increase the network’s durability.

Numerous well-known crypto insiders predict that it will significantly affect the price of ETH. According to recent claims made by Arthur Hayes, it might increase the asset’s USD valuation in a manner comparable to BTC’s halving.

On the other hand, Mark Cuban cautioned that the Merge might initially be a “sell-the-news” event but thinks it’s a good move overall.

Price Have Began To Slide

According to the weekly shift in the Ether-Bitcoin cross rate, Christophe Barraud, chief economist, strategist, and top forecaster at Bloomberg, Ethereum is poised to lose ground against Bitcoin for the first time in seven weeks.

Ethereum

ETH/USD trades at $1,800. Source: TradingView

After the Consumer Price Index (CPI) or inflation data report came in better than expected, Ethereum has outperformed Bitcoin in recovery despite the decline relative to BTC as both remain highly correlated with the S&P 500 stocks, according to a report published on August 17 by the on-chain social metrics platform Santiment.

Featured image from Pixabay, Chart from TradingView.com, Delphi Digital

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Tether Announces Hiring of Fifth Largest Accounting Firm For Audits

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Tether Tokens Usdt Will Be Available On Tezos