XRP has exhibited price shifts that defy typical market behavior. As chronicled in a podcast by Jesse, the altcoin’s value astonishingly climbed from $0.15 to over $3 within a fortnight during late 2017. This surge caught market observers by surprise. The abrupt removal of key Asian exchanges from CoinMarketCap in the same timeframe caused the price to visibly drop, prompting large-scale selling. XRP’s price has not returned to those heights, leading to ongoing discussions about potential artificial price restraint.
Did XRP’s Major 2017 Rally Coincide with Exchange Delistings?
In early 2017, XRP was valued at less than a cent, but by the year’s end, it had multiplied impressively over 800 times, soaring beyond $3. This phenomenal rise was unique in the cryptocurrency arena back then. However, CoinMarketCap’s unexpected removal of significant Asian exchanges suddenly brought down the altcoin’s average price. Many interpreted this as the end of the bull run, initiating a selling haste that shifted the price trend.
These exchanges were handling a large percentage of XRP trades during that period. Their exclusion, due to a reported lack of transparency, led to claims of possible manipulation. Afterward, as the price fell, it became evident who the committed investors were, separating them from short-term traders. As a result, the altcoin found itself in an extended phase of stable trading levels.
Ripple‘s CEO Brad Garlinghouse once championed the company’s new bank partnerships each week in 2018, but the firm’s site retains the figure “over 300 banks,” casting doubt on their growth claims.
What Lies Ahead for XRP?
Analytics from Glassnode underscore a lengthy accumulation period for XRP, hinting at stifled pricing. Experts anticipate that clearer regulatory conditions and the possibility of a spot ETF being approved this year could propel XRP prices upward dramatically.
Key takeaways from the situation include:
- The historic rally of 2017 remains unmatched for XRP.
- Market movements hint more at strategic manipulation than organic shifts.
- Upcoming potential regulatory changes could usher in significant price upturns.
The cumulative evidence and expectations surrounding XRP suggest an intricate dance of market forces and regulatory potentials that could lead to surprising developments in the near future. Whether XRP will see another meteoric rise or continue its subdued trading behavior remains a point of interest for stakeholders.
