Ripple continues to maintain its widespread recognition within the cryptocurrency community. Followers of the crypto assets continue to watch the company’s ongoing legal battle with the US Securities and Exchange Commission (SEC) for several years. Currently, the XRP token owned by Ripple continues to trade below 85% of its all-time high level reached in January 2018. So, the question in mind is, can XRP potentially make investors millionaires?
Newcomers to the market tend to panic and rush to sell their assets when there is a large-scale market movement. However, experienced investors see these events as an opportunity to build a strong medium or long-term portfolio and acquire their preferred coins at a lower price. So, how much XRP do you need to invest in today to potentially become a millionaire during the next bull cycle?
Ripple aims to make money transfers easier, cheaper, and faster. According to the official Ripple website, the company’s solutions are currently present in more than 50 countries worldwide.
The ecosystem includes several key solutions and tools:
The project was initiated in 2012 with the collaboration of developers David Schwartz, Jed McCaleb, and Arthur Britto. The concept was conceived by programmer Ryan Fugger, who also launched RipplePay.com, a decentralized payment system that formed the basis of the venture, in 2005.
In 2012, businessman Chris Larsen joined the team and assumed the position of CEO. Together, the team established Ripple Labs, which is currently responsible for the platform’s development. In 2016, Brad Garlinghouse was appointed CEO.
In December 2020, the SEC accused Ripple of illegally selling XRP tokens as securities. However, the company’s representatives disagreed with the SEC’s position on the cryptocurrency.
As a result, a legal process began between the two parties. On July 13, it was revealed that the SEC had lost the Ripple case. The court stated that the sale of XRP to individual investors did not constitute an unregistered securities offering. As of the time of writing, XRP remains among the top five cryptocurrencies with a market capitalization of $8.02 billion.
Some analysts believe that XRP could experience tremendous growth and its price could rise to five-digit values. However, this scenario does not seem very realistic, so examining past data could be helpful in calculating the required token amount.
To calculate the amount of XRP you need to buy to become a millionaire when the price is calculated as the all-time high level of $3.40, you can use the following formula:
XRP Amount = Target Amount / Expected Future Price,
– Target amount: $1 million
– Expected future price – all-time high price of $3.40
Therefore, you need to have 294,117.65 XRP tokens to see a total value of approximately $1 million in your account. At the current price of $0.51, the value of the coins would be around $150,000.