Bitcoin in 2012 reached $2 while XRP is at the current price; conclusions can be made, though the market situation is not the same.
While fiat currencies within two years grew from $2 to $1,200 from adoption and some individuals are becoming investors- XRP movements depend on utility and regulation.
Market trends could have XRP mirror the actions of Bitcoin within its initial years, which is also important but other factors and changes will also be key.
The cryptocurrency community is abuzz with speculation: should XRP repeat the Bitcoin performance from $2 in 2012 to $1200 by 2014? That is why history always seems to attract investors, and some of them are comparing the position of Bitcoin with the situation of XRP now. Though these assets have prospects for varying usefulness and popularity, the latter has evolved into a discussion about the future possibility of XRP.
https://twitter.com/Steph_iscrypto/status/1872911122984255897 The Evolution of Bitcoin in History
Bitcoin was relatively a new technology in 2012 and was recognized and adopted by only a few people. With low popularity among the common public and no backing from any bank or other financial institutions, reaching up to $1,200 by end of 2013 was a sort of surprise.
While XRP arrived on the scene with considerably more transparency and institutional support. It has application in cross border payment and also in its dealings with financial institutions which were a missing factor for Bitcoin in its initial stage. Yet, the question remains: does XRP have the credentials to emulate let alone outdo Bitcoin’s exponential path?
Factors Supporting XRP’s Growth Potential with Challenges
While Bitcoin may be the poster child of cryptocurrencies and blockchain technology, Ripple’s XRP is already integrated with mainstream financial institutions. If Ripple succeeds in maintaining its current trajectory, its main product–XRP–would ensure that banks and payment providers are involved in cross border transactions. Such use cases bring tangible utility in the real commercial sense, which has always been the precursor for continued value.
Regulatory certainty in some parts of the world has also enhanced sentiment on XRP in the market. This makes $2 a viable stop point heading to bigger gains as the virtual currency gains more acceptance and has more liquidity added to it.
Uncertainty in regulation in some regions, competition from stablecoins and fluctuating markets can pose a threat to XRP path. Moreover, comparing XRP with the growth of Bitcoin can potentially simplify today’s rather more saturated and competitive market environment.
Although XRP may not be able to replicate the wild growth of Bitcoin, it will most certainly follow a different trajectory that depends on the progression of increased innovation, favorable market conditions, and planned integration.
The post Bitcoin Once Stood at $2: Could XRP’s Current Levels Tell a Similar Story? appeared first on Crypto News Land.
