Ravencoin price prediction: What happens now?
Can Ravencoin (RVN) break out of its slump?
- The Ravencoin proof-of-work model
- Who established Ravencoin?
- Ravencoin (RVN): early price history
- RVN price history: 2021 to 2022
- Ravencoin price prediction
Ravencoin is one of the more interesting concepts in cryptocurrency. With an up-and-down price history, is it possible to make an accurate Ravencoin price prediction?
Ravencoin (RVN) is the native coin of the Ravencoin blockchain. This blockchain, which is based on the Bitcoin code, allows people to create their own tokens.
It could be argued that Ravencoin’s cryptocurrency is a fork of the Bitcoin blockchain, but there’s one thing that makes it different from many fork-based cryptos. Rather than being created after the people behind the original crypto forked the coin – in effect, creating a new version of the crypto – it was created by getting the code behind BTC and changing it independently, in an attempt to create a brand new cryptocurrency.
As the coin’s white paper, Ravencoin: A Peer-to-Peer Electronic System for the Creation and Transfer of Assets, explains: “Ravencoin is designed to efficiently handle one specific function well: The transfer of assets from one party to another.
“One goal of the Raven protocol is to create a use case-focused blockchain and development effort which can create code, providing advantages for specific use cases, while contributing to open-source code which could be used by Bitcoin or other projects.
“In an age where people can move significant amounts of wealth instantly using Bitcoin, global consumers will likely demand the same efficiency for their securities and similar asset holdings.”
The Ravencoin proof-of-work model
Like Bitcoin, the Ravencoin cryptocurrency uses a proof-of-work (PoW) consensus mechanism, where computers solve increasingly complex mathematical equations to add new blocks to the blockchain and mint new coins.
Where RVN differs from BTC is that RVN has a mining algorithm, called KAWPOW, that attempts to get around this issue by using the graphic processing unit (GPU) memory and computing capabilities of everyday personal computers. In theory, this will allow most people to carry out Ravencoin mining. If someone does become a Ravencoin miner, then they receive a flat reward of 5,000 RVN every time they add a block to the blockchain.
These are not the only key differences between RVN and BTC, though. There is also an unusual purpose to Ravencoin – it allows you to create your very own crypto. All you have to do is buy 500RVN and you can create your own token and give it a name. You can also create sub-assets for 100RVN, according to Tron Black, one of Ravencoin’s founders.
The RVN you have spent is then ‘burned’ – locked away out of circulation at an inaccessible address and, effectively, destroyed. So the supply of RVN is continually being reduced.
Once you have come up with a unique name for your new crypto token you have to decide three things. First, how many tokens will be issued. Second, its fungibility – whether or not it can be exchanged for something that is identical, but not the same thing. And finally, to how many decimal places it can be divided.
You can also decide to pay out rewards for that token in RVN, giving it more uses than buying, selling, trading and being burned to create new cryptocurrencies.
Anyone who creates tokens using the Ravencoin blockchain is able to contact anyone who holds their tokens. This means that token holders can be told if and when they have to vote on proposals involving the post-RVN crypto they hold.
RVN coin is transferable between different users of different tokens on the network, which means that holders can delegate voting rights across the various platforms that exist on the chain.
Who established Ravencoin?
Ravencoin was founded in 2017 by Tron Black, Joel Weight and Bruce Fenton. The three have a background in what could be described as mainstream businesses, rather than the tech background that is common to a lot of cryptocurrency founders.
For example, Weight also serves as the CTO of online retail business Overstock, prior to which he worked at Medici Ventures. Fenton served in the US Navy before becoming a vice-president of banking giant Morgan Stanley and then chief investment officer at Atlantic Financial, before spending three years on the board of the Bitcoin Foundation. Black worked alongside Weight at Medici Ventures before founding Verified Wallet and Wintronix, where he served as CEO.
In 2018, the RVN crypto was launched and made available to anyone who was interested, with no initial coin offering (ICO).
Ravencoin (RVN): early price history
Before we look at any Ravencoin price predictions, let’s take a look at its history. While past performance is no guarantee of future results, one thing to note about Ravencoin’s price history is that it has experienced many peaks and troughs since it first launched in 2018.
This is not one of those coins that stuck within a specific range for a length of time before booming. Instead, its first year or so of open trading was a good example of the kind of volatility that is often involved in cryptocurrency.
On 10 March 2018, Ravencoin opened at $0.0265 before hitting an intraday high of $0.0343 on 12 March. What looked like an initial boost fell away, though, and it dropped to an intraday low of $0.0171 on 18 March. There was some encouragement when it reached an intraday high of $0.07292 on 27 March, having seen an intraday low of $0.03627. This means that it more than doubled in mere hours, causing many experts to quickly change their Ravencoin prediction, before falling back down to close at $0.06977.
Ravencoin then settled down to trade at around the $0.03 mark until 4 May, when it hit an intraday high of $0.05779 before slumping to close at $0.02933 on 7 June. It stayed around this level for a while until October 2018, when it shot up again, trading at $0.06079 intraday on 23 October.
The RVN price then fell, dropping below $0.03 on 14 November 2018, and then falling below $0.02 on 22 November. It broke back through that level on 27 November, then fell again on 2 December 2018.
2019: A boom time for RVN
Ravencoin didn’t get back above the $0.02 level until 3 March 2019, when it closed at $0.02371. Ravencoin then enjoyed a brief boom, reaching an intraday high of $0.06928 on 29 March, up 192% from a few weeks earlier. On 7 April 2019, it reached a high of $0.07414.
Then the RVN price started to dwindle, reaching an intraday low of $0.04114 on 10 May before hitting a high of $0.08026 on 3 June. Then it slowly entered a downward trend.
2020: Downtrending to all-time low
This downward trend continued for some time, and between 4 November 2019 and 3 February 2020, Ravencoin stayed below the $0.03 mark. While it spent most of February 2020 above that point, RVN fell again at the end of the month.
On 13 March, RVN reached its all-time low, falling to $0.008794 in intraday trading. There was a recovery of sorts and it closed that day at $0.01435. It then stayed somewhere between one and two cents until 24 May, when it reached an intraday high of $0.02045.
Ravencoin hovered around $0.02 until the end of September 2020, when it fell below that point again and did not recover until 29 January 2021, when it closed at $0.02704.
RVN price history: 2021 to 2022
The early part of 2021 was a boom time for cryptocurrencies generally, and Ravencoin found itself caught up in the market’s general excitement. On 30 January, RVN reached an intraday high of $0.03915. While it was soon back below $0.03, it recovered to close at $0.03006 on 5 February 2021.
There was more growth to come, and Ravencoin broke through $0.04 on 9 February 2021, hitting an intraday high of $0.05337 the following day. It wasn’t stopping there, though – on 18 February, RVN reached an intraday high of $0.1005, breaking through the 10-cent barrier for the first time.
After that, the coin’s price kept growing, setting an all-time high on 20 February 2021 when RVN more than doubled to reach $0.2854. Although it could not quite sustain that price level, the coin hovered around $0.20 before rising again to hit $0.2639 on 14 April.
Again, however, the coin could not maintain that level and dropped, hovering around $0.15 before the great crypto day crash of 19 May 2021. At that point, Ravencoin reached an intraday high of $0.132, followed by a 57% price drop to $0.05649, before it recovered to close the day at $0.08647.
The Ravencoin (RVN) price stayed below its pre-crash high for some time until 10 August 2021, when it reached a high of $0.1412. It then grew to $0.1769 the following day and, despite some dips, maintained a price close to where it had been before the events of 19 May.
RVN was trading at roughly $0.11 on 25 November, and at almost $0.08 by 20 December 2021. Many cryptocurrencies struggled over the fourth quarter of 2021 as a result of both imposed and potential regulations, with the Omicron variant of Covid-19 looming large over global markets.
RVN’s new year rally ends in slide downhill
By the start of 2022, the Ravencoin (RVN) price was about $0.10. A brief high was seen on 4 January 2022, with a slight rally to just over $0.13. However, by the end of the month, the coin was worth approximately $0.066.
February was pretty mediocre, all told. RVN did have something of a bright spot early in the month, when the price rallied to hit $0.08053 on 8 February, but it then rolled back downhill. Things became worse when Russia invaded Ukraine on 24 February and the coin dropped to a low of $0.04635.
Ravencoin then spluttered back into life to an extent, and on 10 March 2022 it was trading at around $0.0515, while by 23 March it was a little under $0.06. After that, the coin went through a purple match in line with the market, hitting a periodic high of $0.07626 intraday on 31 March 2022.
In April, however, things went downhill, with RVN falling to around $0.049 on 28 April and stand at about $0.037 on 9 May 2022.
On 12 May, the depegging of the TerraUSD stablecoin and the collapse of the associated LUNA crypto meant that RVN fell further to $0.02028. By 26 May, things had improved slightly to $0.02753 and its upward moment saw it sporadically break $0.03 at various points between 30 May and 1 June, but then things went down again and, on 10 June, it was worth about $0.026.
After that, the cancellation of withdrawals on the Celsius crypto lending platform confirmed crypto was in a bear market and, on 15 June, it dropped to a low of $0.01728, with it recovering somewhat to close the month at $0.02298. July saw more recovery, with it reaching a high of $0.02991 on 20 July. While it sank to a low of $0.02374 on 27 July, it then shot up to reach a high of $0.04238 on 29 July.
So far, August has seen RVN mostly operating between $0.035 and $0.041, and on 16 August 2022 it traded at around $0.036. At that time, there were 10.47 billion RVN in circulation out of a maximum supply of 21 billion. This gave Ravencoin a market cap of around $378m, making it the 105th largest crypto by that measurement.
So that’s the coin’s past, but what of the future? What is the Ravencoin price prediction? Let’s see what analyst sites are predicting.
Ravencoin price prediction
First, WalletInvestor’s artificial intelligence-derived Ravencoin (RVN) price prediction is somewhat gloomy, suggesting RVN should drop to $0.0152 in a year's time.
Next, DigitalCoinPrice’s Ravencoin price prediction for 2022 is for the coin to trade at an average of $0.0475 before reaching $0.0538 next year and sliding back to $0.0534 the year after that. The site’s Ravencoin price prediction for 2025 sees RVN trade at $0.07 before it drops to $0.0672 in 2026 and then rises to reach $0.0795 in 2027, with this upward momentum seeing it close the decade at $0.15. The site’s Ravencoin price prediction for 2030 says it should get to $0.17 that year.
Meanwhile, Gov Capital’s custom algorithm says that RVN should see some decline this year, finishing 2022 at around $0.026. On 16 August 2023, it should stand at $0.124, while a year later it should have nearly doubled to trade at just under $0.238. By 16 August 2025, it should be at $0.352, and the site suggests Ravencoin can attain an average of $0.485 a year from then, while its prediction for 16 August 2027 is $0.632.
Finally, PricePrediction suggests RVN can reach $0.044 this year before hitting $0.066 next year. It predicts RVN will continue to rise, reaching $0.10 in 2024 and $0.15 in 2025. The following year, it should trade at $0.20 before jumping to $0.30 in 2027, $0.45 in 2028 and then $0.66 in 2029.
The new decade should see RVN worth $0.95, PricePrediction forecasts, while the upward movement will continue into 2031 when it could be worth an average of $1.38.
Will Ravencoin reach $1?
It might – but if it does, it’s unlikely to be for a long time. Most price predictions for Ravencoin (RVN) suggest a slow development, with little evidence the coin will reach a dollar at any point soon.
That is not to say that it cannot ever reach $1 – just that it is not likely to happen until the 2030s at least.
Is Ravencoin a good investment?
It might be. We do have to issue a word of warning, though, because while the forecasts above are generally optimistic, it is worth pointing out that forecasts are often wrong.
We also need to mention that RVN is down quite a bit from where it was 12 months ago, and we still don’t know for certain if and when it will reclaim such heights. If you want to invest in Ravencoin, do your own research and remember that cryptocurrencies are extremely volatile, and as RVN’s price history shows, can go down as well as up.
Never invest more money than you can afford to lose.