What happened to Ripple (XRP) in 2020? All events from start to finish.
Afore we begin analyzing expert views on the Ripple's future, let's look at the history of values, which is one of the main sources with important information for all the investors. First, we can see how the current XRP-prise is touched. Second, we may get information of the current state of the market to be competitive.
During 2020 the XRP-prise on market has been comparatively steady, having been under impact of several midle-term bearish and bullish trends. The price declined during the one-month-period from February to March after an upward movement at the beginning of the year. Second bullish trend passed in July, but went on less than a month. The greatest raise occured in November, when the value reached $0.79.
So why the Ripple rises and falls? If you believe there's something specific behind the XRP-price hesitation, you are wrong. Ripple's major trends are connected to the BTC-movement, so even a halving of Bitcoin can affect the XRP-prise. The cryptocurrency follows the primary-market-trend.
Nevertheless, there are certain events to be mentioned. Investors' opinion defines the price trend of any asset. The supply and demand factor of Ripple is very important. In April 2020 Jed McCaleb, Ripple co-founder, sold 54 million of Ripple coins. No wonder that its price began to drop after the event became public.
New accords with head banks play big role for the XRP price. For instance, HDFC Bank Limited, the largest bank in India, joined RippleNet in August and Bank of America, the second largest bank in the USA, got in from November.
In December Coinbase and Binance, the leading U.S. exchanges, declared their maintenance for Flare Networks' upcoming Spark token giveaway, after which 45 billion tokens were disseminated among XRP-holders. It was said on the news about XRP-prise-raising, but soon it was touched up.
Such events are short-term, have little impact on the market, and remain invisible on larger timeframes.
Now let's take the most considerable event, which is still affecting Ripple's position. Some time ago, the Securities and Exchange Commission, that oversees the U.S. stock-market, blamed blockchain company Ripple Inc. and its founders Christian Larsen and Brad Garlinghouse of sailing the unregistered securities worth $1.3 billion in 2013. Ripple has always maintained that a digital currency isn't a security. Because otherwise they would have to obey loads of different principles under U.S. law. Most feck are astonished that the U.S. wants to exterminate the source of its own welfare.
During 22-23 December 2020, XRP-prise fell from $0.50 to $0.30. XRP moved down from its third to fourth place in the ranking of the largest cryptocurrencies by capitalization, giving way to the stablecoin Tether.