Ripple is one of the best-known cryptocurrencies and a popular choice for investors who want to buy cryptocurrency without spending a great deal of money due to its typically low price in comparison to Bitcoin and Ethereum. Ripple is a platform as well as a cryptocurrency, XRM. Ripple aims to connect payment providers and banks to create a frictionless method of receiving and sending money around the world. Looking at the price history of Ripple can tell you a great deal about this cryptocurrency, providing important insights.
History of Ripple
Instead of just looking at figures related to Ripple price history, you should take the time to understand the cryptocurrency’s history, as well. This will help put the various data in perspective, so you can better understand the price fluctuations. The idea behind Ripple was first conceived in 2004 by Ryan Fugger, who wanted to develop a decentralized platform which let communities and individuals 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 started to develop a digital currency of his own in 2011. He wanted a currency that did not use mining like Bitcoin, instead reaching value via consensus. In 2012, Fugger let Jed McCaleb and his partner Chris Larsen control Ripple, which became OpenCoin, before returning to the name Ripple in 2013. By 2014, Ripple was the second-largest cryptocurrency in the world.
To put the following information about Ripple’s price history in perspective, consider that at the time of writing, it is worth $0.498111 USD or 0.00007807 BTC. The market cap of Ripple is $20,026,818,528 USD with a 24-hour volume of $603,425,348 USD. There is a total supply of 99,991,792,688 XRP, of which 40,205,508,733 XRP are circulating. According to CoinMarketCap, Ripple is ranked number 3, showing that despite its low value compared to other cryptocurrencies, XRP accounts for a sizeable percentage of the crypto market.
Early Prices: 2013
As with most of the early cryptocurrencies, when Ripple began, it was highly affordable. During August and early September of 2013, Ripple remained at less than 1 cent USD. At this point, the price fluctuated around $0.005 to $0.006 until mid-September, when it began spiking upward, reaching $0.007 on the 15th and $0.01 on the 19th. From there, the price briefly dropped slightly before going to a new high of $0.014 on Sept. 28. From there, it bottomed out at $0.0078 on Oct. 2 before fluctuating up and down. The next high was $0.01 on Nov. 8, followed by a low of $0.0079 on Nov. 20.
Late 2013 Spike and 2014
From that low, the price of Ripple quickly spiked, reaching $0.0575 on Dec. 2 before dropping in a jagged pattern, hitting slightly smaller highs of $0.0544 on Dec. 4 and $0.044 on Dec. 10. The price then went all the way back down to $0.017 on Dec. 18 before rising up to $0.029 by Jan. 2 and slowly dropping until it reached $0.0044 by May 22. From there, the price did not fluctuate much until the end of the year, but it did get down to $0.003 on July 5 before rising to $0.0064 on July 18. The price of Ripple remained more or less in this range until November of 2013, at which point another price spike occurred.
Late 2014 Spike and 2015
As with the previous year, the price of Ripple experienced a dramatic increase in value at the end of 2014, which lasted a few months before correcting itself over the next several months. Around Nov. 19, the price was still at $0.0057, but from there on, it began a steady climb. It reached a mini-peak on Nov. 23 at $0.00868 before climbing to $0.0152 by Nov. 28 and dropping back to $0.011 by Nov. 30. From there, XRP hit $0.0147 on Dec. 7 and reached this phase’s maximum peak on Dec. 18, when it hit $0.028.
As was the case the previous year, this did not last long and other than high points at $0.026 on Dec. 22 and $0.025 on Dec. 26, Ripple declined in price. It hit $0.019 on Jan. 4, 2015, before rising slightly, then hit $0.0147 on Jan. 14, rose slightly, and hit $0.0131 on Feb. 3. This trend of ups and downs continued, with Ripple’s pricing hitting a low of $0.00574 on May 18. From there, the rest of 2015 saw mild fluctuations, reaching up to $0.0119 on June 29 before falling to $0.00746 on July 23. There was a brief spike in early November, with XRP reaching $0.0056 on the 4th, but other than this, the price remained in the same range.
Late 2015 Spike to 2017
Following the trend of spikes in Ripple’s value late in the year, XRP went from $0.0041 on Dec. 1, 2015, up to $0.008997 on Dec. 10. By Jan. 17, it was already back down to $0.005. Throughout 2016, Ripple remained within the general range, not getting back up to $0.02 until April 4, 2017. From there, it rose and by May 18, 2017, Ripple was at $0.355. It remained in this general range until December.
Late 2017 Spike to Present
As with previous years, Ripple’s price once again had a spike in value in late 2017 and early 2018. This time, however, it also corresponded to a massive increase in the cryptocurrency market with Bitcoin, Ethereum, and other coins reaching their all-time highs at the same time. On Dec. 10, 2017, right before the price spike, Ripple was at $0.239. This hit $0.746 by Dec. 14, $1.11 by Dec. 22, $2.38 by Dec. 30, and the all-time-high to date of $3.55 on Jan. 4, 2018. Following the price of $3.41 on Jan. 7, Ripple dropped with a few peaks and valleys along the way, reaching $0.489 on April 5 and going back up to $0.837 on April 21. From there, Ripple very slowly declined to $2.61 on Sept. 11, before rising slowly back up to its current position.