Investors in the crypto space, after their solid gains, have many new altcoin They’re dying to explore. In this process, XRP Former players like this are largely overlooked.
XRP has existed in the crypto space for a very long time as the 3rd most valuable cryptocurrency. However, it has been steadily slipping backwards since last year. This is how things turned out, especially after Ripple entered a legal battle with the US Securities and Exchange Commission last December 2020.
But popular crypto analyst Michaël van de Poppe believes that XRP could prove to be the underdog cryptocurrency by 2022. The analyst also states that XRP is one of the oldest players in the crypto space. Moreover, he adds that XRP dominates many of the social discussions that take place in the crypto space.
Of course, Poppe is choosing to be realistic here without setting a crazy price target of $100. As we know, Ripple claims that XRP is one of the fastest cryptos for cross-border remittances. If we recall, XRP boasted a payout time of just 4 seconds back in 2017. But Poppe believes this is no longer a “unique selling proposition” for the cryptocurrency. Many other altcoins in the crypto space can do the same.
Ripple’s entry into the wider crypto landscape
The resulting competition has not deterred Ripple from further development. Changing its momentum from being just a payment system, XRP dives deep into other directions. Ripple aims to be a smart contracts platform as well as owning side chains and NFTs.
One of the biggest triggers of the XRP price rally in 2022 is that the lawsuit will conclude in 2022. Ripple CEO Brad Garlinghouse recently stated that there is good progress in the battle between Ripple and the SEC. He is hopeful that they will be able to come to a conclusion next year.
This could be a major trigger as investors have been on the sidelines for so long. In fact, the SEC’s ongoing battle has prevented XRP from participating in the 2021 mega altcoin bull run. Also, if we compare it to other altcoins in the market, XRP’s rally to its previous all-time high seems overdue.
During the last market correction last weekend, XRP lost the important support of $1 and dropped to $0.65. Despite bouncing back 40 percent from there, XRP remains under pressure as of now. At press time, XRP is trading at $0.77 as the eighth-largest cryptocurrency by market cap.
Poppe is optimistic about XRP
Poppe adds that XRP has suffered a lot of negativity this year and that will change in 2022. Therefore, he thinks that if the next bull cycle is to occur over the next year, potential price targets for XRP could be $2.87 and $4.33.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.