Though it’s only been around for a couple of years, Ren is one of the most exciting players in the crypto world. Instead of competing with the big boys, the Ren project aims to bring them all together.
The Ren blockchain bridge uses highly sophisticated programming to bring versatility and interoperability to existing networks. It’s an elegant solution that makes the impossible possible.
Need an example? Imagine dusting off those nearly useless bitcoins you’ve been piling up to access decentralised finance services. Ren can wrap those for you and unlock the vast DeFi space on Ethereum or Polkadot for you. Nifty, isn’t it?
Though it has a modest market cap, Ren is definitely on the rise. It keeps adding support for more and more crypto tokens. Moreover, demand from the decentralised finance world is also rising. Thus, Ren is not only a bridge between crypto tokens; it’s also a gateway to the future.
But is now a good time to invest in REN? This Ren price prediction 2022 – 2025 article will provide all the answers you seek. Let’s get started!
Table of Contents
- Recent News about Ren
- Ren Technical Analysis and Price Analysis
- Ren Token Price History
- REN Technical Analysis
- REN Price Forecast 2022 – 2025
- Ren Price Prediction 2022
- Ren Price Prediction 2023
- Ren Price Prediction 2024
- Ren Price Prediction 2025
- What Do Crypto Experts Think of Ren?
- What Is Ren?
- How Does Ren Work?
- Ren FAQs
- Is Ren Going to Go up?
- Does the Ren Crypto Have a Future?
- How Many Ren Coins Are Out There?
- Is Ren a Good Investment in 2022?
- Where to Buy REN?
Recent News about Ren
Ren has been in the crypto news quite a bit recently, all for good reasons. Ren Labs, the entity that manages Ren operations, has been working hard to expand the Ren ecosystem, and we finally see some results in that regard.
In February 2022, Ren Labs announced that it had raised $7.5 million to fund its newest venture, Catalog. Catalog is an automatic market maker software that will be compatible across different blockchains.
Catalog will enable people to deposit crypto funds and earn passive income from interest while the AMM finds the best use for their invested capital.
Ren Labs claims that the software will protect against impermanent loss and directly link to the user’s bank account. The latter feature is incredibly fascinating, as it will simplify cryptocurrency deposits and withdrawals.
Moreover, Ren Labs is working hard towards launching its own blockchain later in 2022.
All of these decisions indicate that the Ren ecosystem is expanding. Ren Labs seems to aim for a more prominent spot in the decentralised finance world.
Ren Technical Analysis and Price Analysis
We’re going to sift through the signals technical analysis tools give us and the Ren token’s price history to get a realistic Ren price prediction for 2022 and onward.
Ren Token Price History
Like most cryptocurrencies, REN was worth less than $0.1 for the first few months after launch. It only breached the $1 threshold in 2021 when the whole crypto market went up.
REN experienced a price increase to an all-time high of $1.72 in February 2021 but hasn’t reached that level since. When the token was at its highest price, its market cap was $1.72 billion.
In line with the broad crypto market trend, REN started declining late last year. As of February 2022, its current price is around $0.30. Based on this price development, its current market cap is around $315 million.
REN Technical Analysis
We see a clear conflict between oscillators and moving averages on the daily chart. The MAs all recommend a strong sell, while the oscillators are neutral, making the overall signal a sell.
We observe the same trend on the weekly and monthly charts as well. Thus, technical analysis indicates we’re in a bearish market right now.
REN Price Forecast 2022 – 2025
Drawing on the analysis above and Ren price predictions made by other experts like Trading Beasts, we are ready to present you with price forecasts for the next couple of years.
Ren Price Prediction 2022
Initially, we expected to see the Ren coin trade around $0.49 by March. But we’re already there, and the token is considerably lower than this level. Thus, we’ve lowered our expectations to around $0.50 as the maximum price in 2022. The average price of this crypto asset would likely be about $0.40.
Ren Price Prediction 2023
Our Ren price forecast for 2023 sees the token hit a maximum of $0.60. An average Ren price of around $0.55 next year is likely, though, with a minimum price of at least $0.49.
Ren Price Prediction 2024
It’s likely that in 2024 we’ll see the Ren coin go above $0.60. Our maximum price prediction for 2024 is $0.69.
Ren Price Prediction 2025
The token will start climbing closer to $1 in 2025, though it’s not very likely to reach it then. We think the price of Ren will be $0.80 at most in 2025.
What Do Crypto Experts Think of Ren?
- The Coin Bureau views Ren quite positively and has praised it for its utility. He was initially sceptical of the single use of the Ren token for staking. However, he has since become more supportive of it because REN is less volatile this way. The Coin Bureau also sees great potential in Ren to become a universal interoperability provider for the crypto market. He considers the coin undervalued at the moment and predicts it will spike as Ren becomes more decentralised over time. He expects a bullish trend for the Ren cryptocurrency.
- Brave New Coin also demonstrated in a video how the demand for Ren is growing, which corresponded to an increase in the token’s value. He pointed out that the $1 level is a strong resistance for Ren, in line with our price forecasts.
- Top Coin, a crypto YouTuber on the rise, also gave Ren a bullish price prognosis. He expects to see the Ren coin touch $3 at some point in the not-so-distant future.
What Is Ren?
Ren is a rather innovative solution to existing problems in the crypto space, which explains why it’s still a mystery to some. Taiyang Zhang, its CEO, and Loong Wang founded Ren in 2017 in Australia. It was initially called the Republic Protocol but shortened to Ren soon after. Its mainnet has been in operation since 2020.
Unlike other, more well-known cryptocurrency platforms such as Bitcoin or Ethereum, Ren is not a digital ledger, at least not in the same sense.
Instead, Ren sees itself as a facilitator of crypto transactions. It doesn’t aim to compete with or replace other blockchains. Quite the contrary, the primary purpose of Ren is to make it easier to use multiple networks. In other words, it doesn’t take anything away from existing blockchains but adds value by helping them cooperate better.
In particular, the Ren protocol provides liquidity and interoperability between networks. This is what’s known as a ‘blockchain bridge.’
For instance, one of Bitcoin’s biggest flaws is that it doesn’t support smart contracts. So, if you wanted to use decentralised apps (dApps) but only had a Bitcoin wallet, you’d be in trouble. You’d have to invest in a different crypto that has smart contract support, like Ethereum, for example.
Needless to say, it’s inconvenient to have to switch from one crypto to another for different uses. That’s precisely the problem Ren aims to fix.
You can use your bitcoins on the Ethereum network thanks to Ren’s technology. Let’s see how that happens.
How Does Ren Work?
The Ren network uses its own Ren Virtual Machine, or RenVM, to communicate between different networks. The RenVM can take your bitcoins and lock them in a smart contract. Then, it creates the equivalent amount of Ether tokens for you to use on the Ethereum network. It also allows you to withdraw your BTC back when you decide you’re done playing with Ethereum.
The RenVM is a simulated uber-powerful computer capable of handling millions of such transactions per day. It draws processing power from a giant network of DarkNodes, Ren users’ physical computers. Being part of the RenVM is how people get REN tokens — they are the reward for participation. You need to stake Ren in the first place to form a DarkNode.
REN itself is an Ethereum-based (ERC-20) token.
Ren supports Bitcoin, Bitcoin Cash, zCash, and Dogecoin right now. It can convert all four into ether. Ren can interact with the Polkadot and Binance chains as well.
There are plans to expand this list and include more cryptocurrencies in the Ren ecosystem in the future. This will undoubtedly cause the price of Ren to grow.
Is Ren Going to Go up?
It’s impossible to predict how an asset will do in the future with total certainty. Nevertheless, Ren is constantly upgrading, adding new support for more altcoins, etc. It is also slowly moving towards decentralisation. All of these factors are bound to make Ren even more attractive and functional in the future, so it has the potential to increase in value.
Does the Ren Crypto Have a Future?
Yes, we believe so. We expect Ren to find broader applications and play a vital role in the crypto space for the reasons stated above. This, in turn, will make the Ren token more valuable.
How Many Ren Coins Are Out There?
Ren has a hard cap of 1 billion tokens to keep inflation in check. The circulation supply has almost reached that cap and sits at nearly 999 million at the moment.
Is Ren a Good Investment in 2022?
Although we aim to provide truthful information about Ren’s price, it is ultimately up to you to decide whether it’s a profitable investment option or not. The technology behind Ren is sound, and the roadmap looks exciting. Ren seems quite promising, but whether it realises its potential will depend on the overall state of the crypto market.
Where to Buy REN?
You can exchange other cryptocurrencies for REN using Coinbase, Binance, and the like. But if you want more functionality (or don’t have other cryptos to trade), a broker like eToro might be a better match. With eToro, you can try different strategies, use the help of automated trading bots, and even practice on a demo account first. Moreover, you can also sell Ren if you believe its price will drop further.