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As the crypto market continues to grow, the XRP coin has managed to rise significantly. Its prices have managed to increase by more than 7% in the last 7 days alone. In fact, even the psychological price of $0.40 has been broken higher. In the months and years to come, many investors anticipate significant increases. Can XRP reach $5 in 2023? What are the logical predictions for XRP and what’s going on with Ripple and the SEC? Let’s analyze, without hype😉

What is Ripple?

Ripple is a real-time gross settlement system, currency exchange and funds transfer network created by Ripple Labs Inc., a US-based technology company. The blockchain is built on a distributed open-source protocol and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flyer miles or mobile minutes. Ripple claims to enable “secure, instant, and nearly free global financial transactions of any size, with no chargebacks.”

Ripple Society

What is XRP?

XRP is the native cryptocurrency of the Ripple network. It is used to facilitate network transactions and is also used as a form of digital asset for trading on various cryptocurrency exchanges. Ripple created 100 billion XRP initially, and no more can be created, of which about 40% is held by the company, with the rest in circulation. XRP can be used to facilitate cross-border transactions between different currencies, and it is also used as a form of digital asset for trading on various cryptocurrency exchanges.

ripple xrp

How to mine XRP?

XRP cannot be mined like Bitcoin or other cryptocurrencies that use a proof-of-work consensus mechanism. Instead, all XRP that will ever exist was created when Ripple was launched. Ripple Labs, the company behind Ripple, owns a large percentage of the total supply of XRP and is gradually bringing it into circulation through various means.

Although XRP cannot be mined, it can be obtained by buying it on a cryptocurrency exchange, receiving it as payment, or participating in certain Ripple-related promotions or airdrops.

How to mine Ravencoin

How to buy XRP?

There are many exchanges that sell the XRP token. Considering the biggest, here is a list we recommend at CryptoTicker:

If you trade CFDs, eToro is a good alternative to buying the actual tokens and trading the price differences instead of worrying about crypto custody and security.

exchange comparison

What happened with Ripple and the SEC lawsuit?

Ripple Labs Inc., was sued by the United States Securities and Exchange Commission (SEC) in December 2020 on the grounds that it had offered $1.3 billion in XRP in the form of unregistered securities. Additionally, the SEC claimed that senior Ripple executives directly benefited from XRP sales.

The SEC accusations have been refuted by Ripple, which argues that XRP is a currency, not a security. The firm also claimed that the SEC’s choice to sue is bad for the entire cryptocurrency industry. A conclusion has not yet been reached on the matter, which is still pending.

XRP Price Prediction – What are the purposes of XRP?

Given that XRP managed to break above the $0.40 mark and is currently well above it, we expect a further price increase. If the crypto market holds its position and everything else remains constant, the goals of XRP are as follows:

Can XRP reach $5 in 2023?

Reaching the price of $5 from the current price of $0.40 means that XRP must make a x10 in less than a year. This is not feasible because the market capitalization of XRP would in turn become around $264 billion, which is about double the current valuation of Ethereum.

Can XRP reach $1 in 2023?

The price of $1 for XRP seems like a much more achievable target for XRP in 2023. However, this should happen somewhere around the fourth quarter of 2023. For this to become a reality, crypto prices would have to continue to rise regularly, and Ripple’s lawsuit with the SEC is starting to show real positivity on paper.

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