It is observed that the shares for Ravencoin (RVN) are increasing on Reddit and similar forums. We take a look at analyst Ruchi Gupta’s series of determinations on the price of altcoin RVN, which covers this topic. Why did the RVN rise? What levels can it reach? Let’s start by getting to know the project…
What is Altcoin Ravencoin and how does it work?
After Bitcoin, thousands of new altcoin projects with different technologies joined the crypto money markets. Of these, Ravencoin was launched in 2017, leaving Bitcoin as a fork. Basically, it stands out as a blockchain that focuses on transferring assets such as stocks, gold and fiat currencies. The dev team behind the project includes former Morgan Stanley executive Bruce Fenton and some executives at Overstock. It is the native cryptocurrency used in RVN to perform transactions on the platform.
Why is Ravencoin rising?
Cryptocoin. com, the price of Ravencoin almost tripled last month. It has risen more than 1000% since January, and this momentum is causing more investors to show interest in the project thanks to its technology. At the same time, the Ravencoin halving that will take place in January 2022 is among other factors that affect the RVN price.
Is the Ravencoin supply limited? How many RVNs will be in circulation?
Similar to Bitcoin, Ravencoin has a fixed maximum supply. The 9.4 billion RVN tokens currently in circulation represent 45% of the total crypto supply 21 billion RVN. Among other examples, cryptocurrencies such as Ripple, Stellar Lumens, and FET also have a fixed supply of tokens. In this way, investors are offered an automatic shield to protect themselves from risks and inflation. Meanwhile, many cryptocurrencies are battling inflation through “token burning” operations, as is often seen in memecoin projects.
Is Altcoin Ravencoin a good investment?
While RVN is one of the most profitable cryptocurrency projects for mining, the industry’s interest in Ravencoin is increasing as Ethereum mining has its days numbered. With Ethereum moving from PoW to PoS, miners are turning to new altcoin projects. This, in turn, could be positive for the potential RVN price, according to analyst Ruchi Gupta. In addition, investors’ interest in RVN is expected to increase incrementally if listed on Coinbase. However, given the rise of DeFi and NFTs, as well as its role in providing secure asset transfers, an optimistic picture emerges for the future of Ravencoin.
Analyst Ruchi Gupta expects these levels from RVN:
With the increasing price of Ravencoin, whether it is a risky choice for investment or not, investors are led to price predictions of the cryptocurrency. On that matter, although the RVN price has risen in 2021, it is trading at its current price of $0.1523, 46% below its ATH of $0.2854. Some investors may want to buy because the altcoin’s price is low. However, it has to be taken into account that RVN will need to gain value every next year or 20% in order to regain its ATH according to Gupta. Historical data supporting RVN in this regard shows that it has gained 45% monthly since last year. As the analyst reports, RVN’s average gain of 10% each month will bring the current price to $15 by 2025.