XRP takes the spotlight as a top-performing crypto asset in the current cycle, having surged by over 124% from its 2022 bear market low.
Several crypto assets hit record lows in 2022 as the bears significantly dominated the market. Among the tokens which recorded a massive price decline last year due to market conditions was XRP.
XRP’s low performance in 2022 was also partly induced by the Ripple vs. SEC lawsuit. Notably, the token plummeted to $0.28 in June 2022 during the peak of the bear market. This price level also marked the asset’s lowest price last year.
Current utility tokens since their bear market lows
Allow this be a reminder that opportunity is only capitalized when risk is taken$QNT 06/13/22=$40➡️$101 +152%$CSPR 06/18/22=$0.022➡️$0.038 +72%$XRP 06/18/22=$0.28➡️$0.62 +124%$NXRA 10/02/22=$0.036➡️$0.06 +69%$MNW… pic.twitter.com/fUQjluGTkA
— 🥖Tokenicer✲⥃⬢ (@Tokenicer) August 13, 2023
XRP Stages a Recovery
While the asset continued on a downward trajectory in the early part of 2023, XRP stunned market participants in the second half of the year. In particular, the fifth-largest crypto asset rallied close to $1 last July, leaving many investors in profit.
It bears mentioning that a favorable ruling in the Ripple vs. SEC lawsuit triggered this remarkable price surge. On July 13, Judge Analisa Torres submitted that XRP isn’t a security, as the United States Securities Commission alleged.
In light of this bullish verdict, XRP spiked by over 70% within three hours on July 13, as reported by The Crypto Basic.
In particular, the XRPL native token rose from a low of $0.4695 to $0.9380 in one green daily candle. The double-digit price gain stationed XRP as the top performer in the overall crypto market last month.
A 124% Increase
Accordingly, investor interest in the token surged dramatically alongside its social dominance. However, the XRP price recorded a mild retracement subsequently as several traders took profits. This resulted in a $2.3B drop in its market cap within seven days.
Meanwhile, XRP is changing hands at $0.626 at press time. While this price level translates to a 13% decline in the past 30 days, it depicts a 124% increase from its 2023 bear market low.
This reality has fueled bullish sentiments about its future trajectory. Based on historical patterns, a top analyst recently predicted that XRP could surge by 439% within a week to hit $3.