As its legal battle with the SEC starts to tip in Ripple’s favour, can XRP finally retake the number three spot?
Ripple was one of a triumvirate of massive cryptocurrencies in the recent past, alongside Bitcoin and Ethereum. This is perhaps no longer the case, with other cryptocurrencies having overtaken Ripple in recent years.
But Ripple nevertheless remains one of the most recognisable cryptocurrencies, and has already been backed by several banks and financial institutions due to its credibility in cross-border payments. This means that Ripple remains firmly entrenched within the top 10 cryptocurrencies in the world, and the token has thus attracted billions of dollars in investment.
Thus, in this article, we’re going to assess the trading prospects for Ripple in 2021, after what has been a successful, if dramatic, period for cryptocurrencies in general.
Current Ripple price
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Ripple has already experienced an eventful 2021, having reached a peak price of over $1.80, which was nearly 9 times the price that it began the year with. The token has since corrected in value somewhat, but has still experienced an excellent trading year overall.
Ripple has gone against the grain of the many other cryptocurrencies during 2021, increasing in value during what has generally been a mini-bear market. This is not the first time that this has occurred, though, with Ripple having a different ethos and direction from some of the other major cryptocurrency projects.
One of the issues that has impacted on the decline in value of Ripple in 2021 is the SEC lawsuit against Ripple Labs – the developers of the token. The Securities and Exchange Commission has taken legal action over what it believes to be unregistered digital asset securities offerings. Recently, the SEC issued a motion requesting for the judge presiding over the case to extend deadlines for factual and expert discovery by 60 days.
Source: Coinbase
This has undoubtedly created some uncertainty around Ripple, although 96% of all SEC cases are settled before trial, and many believe that the case will never get anywhere near a court. Regardless of this, the case will set a significant precedent for the…