Ripple is one of the most famous cryptocurrencies and because of its typically low price compared to Bitcoin and Ethereum, it is a popular choice for investors who want to buy cryptocurrency without spending a lot of money. Ripple is both a platform and a cryptocurrency, XRM. Ripple aims to connect payment providers and banks to create a smooth way of receiving and sending money around the world. A look at Ripple’s price history can tell you a lot about this cryptocurrency and provide important insights.
History of Ripple
Instead of just looking at the numbers on Ripple price history, you should also take the time to understand the history of the cryptocurrency. This helps put the various dates in perspective so that you can better understand price fluctuations. The idea behind Ripple was first developed in 2004 by Ryan Fugger, who wanted to develop a decentralized platform that communities and individuals could use to make their own money. This led to the very first version of the Ripple system, Ripple Pay, in 2005.
With the development of cryptocurrency, Jed McCaleb began developing his own digital currency in 2011. He wanted a currency that didn’t use mining like Bitcoin, but achieved value through consensus. In 2012, Fugger let Jed McCaleb and his partner Chris Larsen control Ripple, which became OpenCoin, before reverting to the Ripple name in 2013. Until 2014, Ripple was the second largest cryptocurrency in the world.
To put the following information on Ripple’s price history in perspective, keep in mind that at the time of writing this is worth $ 0.498111 or 0.0007807 BTC. Ripple’s market cap is $ 20,026,818,528 with a 24 hour volume of $ 603,425,348. There is a total supply of 99,991,792,688 XRP, of which 40,205,508,733 XRP are in circulation. According to CoinMarketCap, Ripple ranks 3rd, which shows that despite its low value compared to other cryptocurrencies, XRP makes up a sizeable percentage of the crypto market.
Early prices: 2013
As with most early cryptocurrencies, when Ripple started, it was very affordable. In August and early September 2013, Ripple stayed at less than USD 1 cent. At that point, the price hovered around $ 0.005 to $ 0.006 through mid-September when it started rising, reaching $ 0.007 on September 15 and $ 0.01 on the 19th. From there, the price fell slightly for a short time before hitting a new high of $ 0.014 on September 28. From there, it bottomed at $ 0.0078 on October 2, before fluctuating up and down. The next high was $ 0.01 on November 8th, followed by a low of $ 0.0079 on November 20th.
Spike late 2013 and 2014
From that low, Ripple’s price rose quickly, reaching $ 0.0575 on December 2, before falling in a jagged pattern to hit slightly smaller highs of $ 0.0544 on December 4 and $ 0.044 on December 10. The price then went all the way back to $ 0.017 on December 18, before rising to $ 0.029 by January 2 and slowly falling to $ 0.0044 by May 22. From then on, the price didn’t fluctuate much until the end of the year, but it did decline on July 5th before rising to $ 0.0064 on July 18th. Ripple’s price more or less stayed in this range until November 2013, after which another price hike occurred.
Spike in late 2014 and 2015
As in the previous year, the price of Ripple experienced a dramatic increase in value at the end of 2014, which lasted for a few months before correcting itself over the next few months. Around November 19, the price was still at $ 0.0057, but it started rising steadily from then on. It hit a mini-high of $ 0.00868 on November 23, before climbing to $ 0.0152 by November 28 and falling to $ 0.011 by November 30. From there, XRP hit $ 0.0147 on December 7th and peaked at that stage on December 18, when it hit $ 0.028.
Like last year, this didn’t take long and apart from the highs of $ 0.026 on December 22nd and $ 0.025 on December 26th, Ripple’s price fell. It hit $ 0.019 on January 4, 2015 before rising slightly, then hit $ 0.0147 on January 14, then rose slightly, reaching $ 0.0131 on February 3. That up and down trend continued, with Ripple’s price hitting a low of $ 0.00574 on May 18th. From then on, it saw slight swings for the remainder of 2015, hitting as high as $ 0.0119 on June 29, before dropping to $ 0.00746 on July 23. There was a brief spike in early November, with the XRP on the 4th, the price remaining in the same range.
Late 2015 spike through 2017
Following the trend of Ripple value spikes towards the end of the year, XRP rose from $ 0.0041 on December 1, 2015 to $ 0.008997 on December 10. By January 17th, it was back down to $ 0.005. Throughout 2016, Ripple stayed within the general range and didn’t climb back to $ 0.02 until April 4, 2017. From there it rose and on May 18, 2017, Ripple was at $ 0.355. It stayed in this general area through December.
Spike will be presented at the end of 2017
As in previous years, Ripple recorded another jump in value at the end of 2017 and beginning of 2018. This time, however, this also corresponded to a massive surge in the cryptocurrency market with Bitcoin, Ethereum and other coins reaching their all-time levels at the same time high. On December 10, 2017, just before the price spike, Ripple was trading at $ 0.239. This reached USD 0.746 by December 14, USD 1.11 by December 22, USD 2.38 by December 30 and the previous all-time high of USD 3.55 on January 4, 2018. After the price of $ 3.41 on January 7th, Ripple fell with some ups and downs along the way, reaching $ 0.489 on April 5th and rising back to $ 0.837 on April 21st. From there, Ripple declined very slowly to $ 2.61 on September 11th before slowly climbing back to its current position.