In the midst of a wider market bull run, XRP has performed admirably. Although it experienced a move to the upside later than most of its peers, since December 4, prices have gone up from $0.503 to approximately $2.68 at press time — a 423.80% surge. As it currently stands, XRP has seen returns of 337.18% on a year-to-date (YTD) basis.
There have been quite a few positive developments for XRP as of late — on December 10, RLUSD, a stablecoin that is to be pegged 1:1 to the U.S. dollar received final regulatory approval.
The re-election of Donald Trump is widely seen as a positive catalyst for the wider crypto market — but XRP in particular stands to benefit. Trump has named Paul Atkins, a cryptocurrency advocate, as the upcoming chair of the Securities and Exchange Commission. If confirmed, Atkins’ tenure would certainly be a dramatic shift from current chairman Gary Gensler’s more stringent stance — particularly in light of Ripple Labs’ ongoing legal dispute with the regulatory body.
Picks for you
However, that wasn’t a foregone conclusion — and investors who took the risks of getting in early have secured quite the windfall for themselves. Here’s how much a $1,000 investment in XRP would be worth on December 17, 2024.
The investment: $1,000 in XRP on January 1, 2021
To begin with, on January 1, 2021, XRP was trading at a much lower price — $0.23744, to be exact. Now, by press time on December 17, prices have skyrocketed to $2.68 — representing an increase of 1028.70%.
A $1,000 investment made on January 1, 2021, would have netted traders approximately 4,211 XRP. At the time of publication, that amount of XRP is worth roughly $11,327 — or, in other words, a profit of $10,327.
As impressive as that would have been, it pales in comparison to what would be perfect timing. XRP’s all-time high price of $3.40 was actually reached before January 1, 2021. In December of 2017, XRP was trading at $0.25322 and entered a parabolic rally — by January 6, 2018, the all-time high was reached.
In comparison, a $1,000 investment made in December of 2017 would have netted investors roughly 3949 XRP — which, after the rally, would have been worth around $13,426 — for a $12,426 profit.
While it’s fun to speculate and reflect, trying to time the market has historically been a tall order. Readers should note that, even in the volatile and hype-laden cryptocurrency market, theses based on analysis, utility, and due diligence are the only reliable pathways to sustainable profits.
Featured image via Shutterstock
