Ripple’s XRP token had an incredible start to the year. The asset breached the $3 mark in January for the first time in seven years. XRP then went on to hit a new all-time high of $3.65 in July. The bullish outbreak was likely due to the SEC and Ripple settling their lawsuit. With the lawsuit out of the way, XRP may be gearing up for massive gains over the coming years. Let’s discuss why XRP’s current price is comparable to Bitcoin’s price in 2012.
Is Buying XRP Today Comparable to Buying Bitcoin in 2012?
Bitcoin (BTC) ended 2012 at around $13.50. BTC’s price has surged by more than 900,000% since its 2012 close. In fact, BTC has made most of its gains over the last few years. The original crypto fell to the $15,000 price level in November 2022, around the time when FTX collapsed. Since 2022, BTC has seen an incredible growth trajectory. XRP could follow a similar pattern over the coming years.
One of the most significant catalysts for Bitcoin’s (BTC) massive surge over the last year is the approval of spot ETFs. The US SEC made history in 2024 after it greenlit 11 spot BTC ETFs. The move led to massive institutional inflows for the asset. Institutional money is key to an asset’s growth.
There are several spot XRP ETF applications awaiting approval at the SEC. The financial watchdog will decide on several XRP ETF applications between Oct. 18 and 25. The firms behind these applications include Grayscale, Bitwise, WisdomTree, 21Shares, Canary, and CoinShares. An ETF approval could send XRP’s price to never-before-seen levels.
Also Read: Ripple Eyes $1B XRP Treasury via SPAC After GTreasury Acquisition
Ripple is also expected to experience a big adoption curve over the coming years. Several banks in Japan are using the XRP Ledger for cross border remitances. A similar pattern could emerge in the US as well.