Here is how you would have become a millionaire this month if you had invested $100 weekly in XRP from September 1, 2013, to date.
Like most cryptocurrencies, Ripple-affiliated coin XRP has shredded most of its value due to the massive volatility that has rocked the entire market in recent times.
XRP Current Performance
According to data from Cryptorank, XRP is down 17.4% year-to-date (YTD). Similarly, XRP was down 0.7% in 24 hours to $0.508. The coin is also down 4.1% and 12.5% in the weekly and monthly charts, respectively.
Despite registering huge losses in the daily, weekly, and monthly charts, the sixth-largest cryptocurrency is up 23.6% since February 2023.
How $100 Weekly Investment in XRP Can Turn Into $1.43M
It bears mentioning that XRP is not a new cryptocurrency. It officially started trading in 2013, over a decade ago. While most XRP investors might be underwater, investors who used the DCA investment strategy for XRP since its debut could have been in major profits by now.
For instance, an investor who committed $100 weekly into XRP from September 1, 2013, to date, would have invested $54,400 using the DCA strategy.
However, that investment would have been valued at an astounding $1.43 million, with an XRP currently changing hands at $0.507. This represents a remarkable surge of 2,533%.
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$100 Weekly Investment in XRP to $5.31M
In a similar development, investors who used the DCA strategy and committed $100 weekly to XRP from September 1, 2013, until the coin peaked at an all-time high of $3.40 on January 7, 2018, would have made massive ROI.
Investors in this category would have spent a total of $22,700 investing in XRP through the DCA strategy. However, the investment could have been worth $5.31 million when XRP was trading at an ATH, representing a spike of 23,311%.
Can I Still Become A Millionaire Via XRP Investing?
Many investors missed the opportunity to become millionaires using the abovementioned DCA strategy. However, there is still a likelihood of XRP turning more average-income earners into overnight millionaires.
The coin was down 85% from its all-time high in the hours leading up to press time. XRP also missed out on the opportunity to register a new ATH in 2021, like most crypto assets did.
At the time, XRP was caught in the middle of an intense legal battle between the SEC and Ripple. Recall that in December 2020, the regulator alleged that Ripple offered and sold XRP as an unregistered security.
However, a federal court in New York dismissed this argument in July 2023. The court ruled that XRP in and of itself is not a security. It also held that XRP coins sold on digital exchanges via blind bid/ask transactions do not constitute an investment contract.
While it is unclear whether the SEC will appeal the ruling in the Second Circuit, the court’s decision gives XRP a solid footing in preparation for the upcoming bull market, which might commence at any moment.
Additionally, Ripple has also been engaging in critical partnerships that could further bolster XRP adoption, especially as a payment method. These factors could help XRP spike tremendously in the upcoming bull market.
Meanwhile, there is a need to tread carefully when investing in XRP, as there is no guarantee that the coin could surge tremendously in the future.