Ripple’s XRP token launched in June 2012. It is one of the oldest cryptocurrency projects and also one of the most institutionally utilized. Although XRP launched in 2012, data from its first year is scarce. Hence, for demonstration, we will use data from September 2013.
If you invested $100 a week into Ripple’s XRP token, you would have put in about $53,900 till December 2023. However, the portfolio’s value would have surged to $1.75 million by dollar cost averaging. You would have gained a 3156.39% return on your investment.
However, if you had decided to sell when XRP was at its peak, you would have made $5.46 million with $23,100 invested. The portfolio’s value would have surged by over 23,500%.
Can you still be a millionaire with Ripple’s XRP?
Unlike most other major cryptocurrency projects, XRP hit its all-time high much earlier in 2018. The token did not rally as much as before, most likely due to the SEC (Securities and Exchange Commission) filing a lawsuit against Ripple in December 2020. However, Ripple was partially victorious in the suit, with a US court stating in 2023 that the sale of XRP to retail investors did not breach securities laws.
With its legal battle concluded, XRP might reach another all-time high in the bull run. Many analysts anticipate a bull market for the cryptocurrency space in 2024. We might see XRP surge to new heights when that happens. The token is currently down by over 80% from its previous all-time high of $3.40, which it attained in January 2018, almost six years ago.
OpenAI’s ChatGPT chatbot also claimed that XRP could rally to $3 in 2024. Many other analysts have also given a bullish outlook for the cryptocurrency. Recently, Ripple revealed that over 500 companies use XRP as a bridge currency. The increase in institutional adoption could also help the asset’s price to surge.
Hence, it might not be too late to become a millionaire with XRP.