Ripple is widely known within the cryptocurrency community. And digital asset advocates have been closely following the company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) for several years.
Currently, Ripple’s native token, XRP, is trading 85% below its all-time high from January 2018. Could XRP make investors millionaires?
New entrants often panic and rush to sell their assets during major market crashes. However, experienced traders see these events as an opportunity to build a solid medium- to long-term portfolio and buy their favorite coins at lower prices.
Consider how much you need to invest in XRP now to become a millionaire in the next bull market.
California-based Ripple aims to make sending money easier, cheaper, and faster. According to the project’s official website, the startup’s solution is currently available in more than 50 countries around the world.
The ecosystem includes several basic solutions and tools.
- XRP Ledger (XRPL) – Decentralized public blockchain
- XRP It is a native token of XRPL
- ripple net is a global network that carries out project operations. Financial institutions that want to use startup tools to organize cross-border payments are joining it.
The project was started in 2012 by developers David Schwartz, Jed McCaleb, and Arthur Britto. The creator of the concept was programmer Ryan Fuga. He launched his decentralized payment system RipplePay.com in 2005, and the idea formed the basis of the startup.
In 2012, businessman Chris Larsen also joined the team and became CEO. Together, the team founded a company called Ripple Labs, which is still responsible for developing the platform. In 2016 his CEO position was taken over by Brad his Garling House.
In late December 2020, the SEC accused Ripple of illegally selling securities in the form of XRP tokens. Representatives of the company disagreed with the characteristics given to the virtual currency by regulators.
As a result, a conflict began between the parties. On July 13, the SEC lost the Ripple lawsuit, with the court ruling that the sale of XRP to retail investors does not constitute an offering of unregistered securities.
Click here to learn everything you need to know about Ripple and the SEC
The asset currently stands at $8.02 billion, ranking it among the top five most capitalized cryptocurrencies.
How much XRP do I need?
Some analysts believe that XRP could show tremendous growth and reach five-digit levels. However, this scenario is not very realistic, so we calculate the number of tokens needed based on historical data.
To calculate the amount of XRP you need to buy to become a millionaire when the price returns to its all-time high of $3.40, you can use the following formula:
XRP quantity = target amount / future expected price,
- Target amount: $1 million
- Expected future price – all-time high $3.40
Therefore, to see a round total of $1 million in your account, you need to purchase 294,117.65 XRP. At the current price of $0.51, the coin is worth approximately $150,000.
However, you should understand that the cryptocurrency market is highly volatile and can be affected by black swans. Calculations provided are based solely on current data and assumptions. Always abide by risk and money management and only trade with funds you can afford to lose.
Click here to understand the Black Swan Theory.
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