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Here’s how you would have become a millionaire this month if you had invested $100 in XRP every week from September 1, 2013 to now.
Like most cryptocurrencies, Ripple-related coin XRP has chopped off most of its value due to the huge volatility that has rocked the entire market recently.
XRP current performance
According to Cryptorank data, XRP is down 17.4% year-to-date (YTD). Similarly, XRP fell 0.7% in 24 hours to $0.508. The coin is also down 4.1% and 12.5% on the weekly and monthly charts, respectively.
Despite posting huge losses on daily, weekly, and monthly charts, the sixth-ranked cryptocurrency is up 23.6% since February 2023.
How a $100 weekly investment in XRP turns into $1.43 million
It is worth mentioning that XRP is not a new cryptocurrency. The company officially began trading more than 10 years ago in 2013. While most XRP investors may be in the doldrums, those who have been using the DCA investment strategy since XRP’s inception could have made big profits by now.
For example, an investor who committed $100 to XRP every week from September 1, 2013 to the present would have invested $54,400 using the DCA strategy.
However, that investment was worth a staggering $1.43 million, and XRP is currently trading at $0.507. This represents a staggering 2,533% jump for him.
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Invest $100 weekly in XRP to $5.31 million
In a similar development, an investor using the DCA strategy who committed $100 to XRP every week from September 1, 2013 until the coin peaked at an all-time high of $3.40 on January 7, 2018, You would have earned a huge ROI.
Investors in this category would have spent a total of $22,700 to invest in XRP through the DCA strategy. However, if XRP had traded at ATH, this investment could have been worth $5.31 million, which equates to a jump of 23,311%.
Can you become a millionaire by investing in XRP?
Many investors have missed the opportunity to become millionaires using the above DCA strategy. However, it is still possible that XRP will turn more average earners into millionaires overnight.
The coin has fallen 85% from its all-time high in the hours leading up to this article’s publication. Like most crypto assets, XRP also missed the opportunity to register a new ATH in 2021.
At the time, XRP was caught in the middle of a bitter legal battle between the SEC and Ripple. Recall that in December 2020, regulators alleged that Ripple offered and sold XRP as an unregistered security.
However, a federal court in New York rejected this claim in July 2023. The court ruled that XRP itself is not a security. It also stated that XRP coins sold on digital exchanges through blind bid/sell transactions do not constitute an investment contract.
It’s unclear whether the SEC will appeal the Second Circuit’s decision, but the court’s decision will give XRP solid footing to prepare for a bull market that may begin at any time.
Additionally, Ripple is also working on important partnerships that could further accelerate the adoption of XRP, especially as a payment method. These factors could help XRP surge significantly in the upcoming bull market.
On the other hand, there is no guarantee that XRP will appreciate significantly in the future, so you should be cautious when investing in XRP.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
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