Ripple Inc. and XRPL’s native token, XRP is on the watchlist of many crypto investors globally. The seventh most valuable digital asset by market capitalization traded around $0.358, down 5.3 percent on Monday.
With 50,298,735,565 in circulating supply out of the possible 100 billion, the persistent question remains of why Ripple pre-mined all the remaining coins. To most, it is evident that Ripple uses its huge XRP bag to control the underlying market price.
Nonetheless, the XRP community does not have a significant problem with that since the proceeds are used for the betterment of the ecosystem. With a growing ecosystem, XRP price improves in the long term. Furthermore, the cryptocurrency market is still heavily underpinned by the speculative trading aspect.
Notably, the XRP price has traded below a dollar most of the days since hitting its ATH back in January 2018. From a technical standpoint, the digital asset has been forming a similar pattern to the one before the 2017/2018 bull market regarding higher time frames. As such, crypto chartists forecast a significant XRP price breakout in the next bull market.
The XRP price has matured over the nine years it has been in the market. Furthermore, Ripple’s On Demand Liquidity, which taps into XRP’s prowess, has been adopted by key institutional investors despite the ongoing lawsuit. Thereby raising the long-term bullish sentiments on the XRP price.
Meanwhile, one of the many XRP influencers thinks that the crypto asset is headed to the moon soon.
$XRP family!!! We’re not closer to the end but closer to the beginning!!! $XRP is the standard!!!
— E. Smitty $XRP $HBAR $LCX $ALGO Family!!! (@THEREALESMITTY) November 20, 2022
Should history repeat itself, the XRP community anticipates seeing the asset trade above $10 after the next bull market.
Bigger Picture on the XRP Price
The XRP market outlook has baffled most market strategists due to its complicated nature. Moreover, the crypto asset has several factors still in the grey area, including the ongoing SEC lawsuit. With most of XRP liquidity coming from financial institutions, the digital asset is slated for more upsides in the coming years.
According to metrics provided by Coinmetrics, XRP addresses holding over 1 million coins reached an all-time high of 1,894 earlier this month. XRP whales have been increasing their stake in preparation for selling at a profit during the next bull market.
Nonetheless, the future growth prospects for XRP price face headwinds from the ongoing Ripple vs SEC lawsuit. However, the blockchain payment company is confident of better results with 12 firms on its support via successful amici briefs.