Closing in at the end of last year, cryptocurrencies around the world hit their highest points. Bitcoin was nearly $19,000 and its value caused a spike in the altcoins as well. One of the cryptocurrencies which hit its high during that time and is struggling now is the Ripple (ticker: XRP), which hit its all-time high of $3.65 in January this year.
With the year drawing to an end, analysts have predicted that the price of the bitcoin will go as high as $25,000 if not higher. This has caused many people to wonder if the price of Ripple will go higher than it was last year.
If the prediction for the price of the bitcoin stands true, it can be easily predicted that Ripple will also go for as high as $10 at the end of 2018. If the trend continues, the price could also go higher than $20 by 2022. This is as per the predictions of Thomas Lee, Managing Partner and Head of Research at Fundstrat Global Advisors. Lee is one of the most reputed analysts when it comes to cryptocurrency.
However, with the current ongoings in the market, it seems like the price of the bitcoin is struggling to break the $6500 barrier. Another thing which has to be considered is that the price of the BTC is not necessarily going to affect the price of XRP. This is because the Ripple platform is still facing many problems and challenges.
For starters, the coin recently came under the watch of the US Security and Exchange Commission, which concluded that the coin falls under the category of securities. This enabled them to tighten the regulations around the coin. Another thing which people have long objected to is the centralized nature of the coin in comparison to the decentralized currencies that are now available in the market.
Hektor E J
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