Reshaping XRP: The rebirth of the old digital currency
XRP has soared from $0.5 to $2.5, an astonishing increase of 390%. It has not only successfully recovered the lost ground during the bull market in 2021, but also broke through the opening price of the two major exchanges in one fell swoop, and is steadily moving towards the historical high of $3.84 in January 2018.
From the daily K-line chart of XRP, we can clearly see that this wave of upward momentum is as fierce as an unstoppable bulldozer, moving forward. There was almost no callback during the period, and even a short rest did not cause a significant drop in prices.
This wave of strong performance of XRP has made the originally insurmountable level of $0.00 to $1 no longer so out of reach, and it has also set a positive example for many bottom digital currencies. Under the leadership of XRP, the old digital currencies ADA, XLM, and EOS have followed suit, and even the always stable Dogecoin and SHIB can't hold back their excitement, and the new currency is even more comparable. So, where does this wave of magic of XRP come from? Is it the long-accumulated energy that has finally been released, or is it just to harvest a wave of markets as soon as possible to deal with the fines from the U.S. Securities and Exchange Commission (SEC)?
Looking back at the background of XRP, it is not difficult to find that it actually has a grand vision. As early as 2004, the decentralized payment system RipplePay had already taken shape. It was not until December 2012 that the XRP token was officially launched. In May 2017, Ripple surpassed Ethereum in one fell swoop and became the world's second largest cryptocurrency with a total market value of US$8.5 billion. However, the good times did not last long. In December 2020, the SEC launched an investigation into Ripple on the grounds that it sold illegal securities XRP and planned to impose a fine. Since then, XRP has been silent.
In April 2021, XRP briefly recovered under the influence of the remaining heat of the bull market, but then fell into a three-and-a-half-year slumber. However, during this time, Ripple did not sit idly by. On the one hand, they used the news of the SEC investigation to clean up the market; on the other hand, they actively lobbied to reduce the fine. In the end, their efforts paid off, and the fine that could have been as high as $2 billion was eventually reduced to $125 million. With the new government taking office after the US election, XRP may really be able to say goodbye to the past and usher in a brand new beginning.
