XRP is a prominent cryptocurrency with a history of strong price volatility and prolonged legal disputes.
XRP has experienced extremely impressive price increases, while also facing many challenges in maintaining the upward trend, leading investors to question market manipulation.
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XRP had previously surged approximately 800 times in less than a year at the end of 2017.
The removal of data from Asian exchanges by CoinMarketCap has had a strong negative impact on XRP's price.
Even though Ripple claims to expand its network with over 300 banks, XRP's price still does not reflect that development.
How did XRP experience such a strong price surge in 2017?
Based on the analysis of expert Jesse in the MaximusCrypto podcast, XRP had an impressive price surge, achieving a 20-fold increase in two weeks at the end of 2017, from $0.15 to over $3, equivalent to a profit of 800 times in less than eight months.
This is one of the most significant price surges in cryptocurrency history and has garnered substantial attention from the global investment community.
Why did XRP's price drop sharply right after that surge?
A surprise incident occurred when CoinMarketCap removed price data from some Asian exchanges, where XRP had the highest trading volume. This was not announced in advance, causing XRP's displayed price to drop rapidly and leading to a sell-off due to fears.
The removal of data from Asian exchanges has undermined market confidence, creating a panic that many investors refer to as a 'decisive market disruption.'
Jesse, Cryptocurrency Analyst, 2018, MaximusCrypto Podcast
Arguments about the development of the Ripple network and its impact on XRP's price?
According to Ripple's CEO Brad Garlinghouse in 2018, the company had connected with hundreds of banks and was continuously expanding its partner network week by week. However, to date, this number has only remained at over 300 banks, not increasing as expected.
This has led many investors to doubt whether Ripple's network announcement accurately reflects reality, while also sparking controversy over the impact of these partnerships on XRP's price.
Is there manipulation or suppression of XRP prices?
Data from Glassnode shows signs of XRP's price being locked or suppressed through accumulation activities and price pressure in the market. Many investors and experts believe that XRP's upward price trend has been deliberately restricted, even though the RippleNet network is expanding.
XRP's price does not accurately reflect the development potential of the network, indicating it may be suppressed by market factors or external interventions.
Glassnode, Market Analysis Report, 2024
Is the future outlook for XRP optimistic?
Experts expect that the completion of the cryptocurrency legal framework and the potential launch of an ETF for XRP in 2025 will create significant recovery opportunities for this Token's value.
Progress in regulation and finance is seen as a positive signal, promising to help XRP escape a prolonged stagnation phase and attract new capital.
Comparison table of XRP price movements and some other cryptocurrencies (2017 – 2024)
Cryptocurrency Peak Price Increase 2017-2018 Price Recovery 2024 Notes XRP Nearly 800 times Not yet recovered ATH Price suppressed, controversy surrounding Bitcoin network About 20 times Recovery over 50% ATH Popular market, high liquidity Ethereum Over 90 times Recovery near ATH Strongly developed DeFi ecosystem
Frequently Asked Questions
What is XRP and why is it of great interest to many people?
XRP is the cryptocurrency used in the Ripple ecosystem, known for its fast transaction speeds and a network connecting many global banks.
Why did XRP's price experience significant volatility in 2017?
The sharp increase in XRP's price is due to a surge in investment interest and is influenced by CoinMarketCap's removal of data from Asian exchanges, causing market price volatility.
How is Ripple developing its network of banks?
Ripple announced connections with over 300 banks, but this number has not increased much in recent years, raising questions about the actual expansion.
Is XRP's price manipulated or suppressed?
Many analyses indicate that XRP's price shows signs of being suppressed by accumulation activities and price locking in the market, not accurately reflecting the network's potential.
What will the future of XRP look like in the context of cryptocurrency regulation?
The year 2025 could mark the launch of the XRP ETF, helping XRP's price recover and attracting new investors due to a clearer regulatory environment.
Source: https://tintucbitcoin.com/xrp-lap-gia-gay-nghi-ngo-thao-tung/
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