Xrp prediction
Over the past few years, Ripple has made headlines by standing at the forefront of establishing meaningful relationships with traditional financial institutions across the world. Unlike many of its counterparts, the project remains focused on the cross-border transactions, following its main goal of revolutionising international payments with its innovative solutions.
Ripple’s native coin XRP is now the third-largest cryptocurrency by market cap, treading on heels of the industry’s veterans – Bitcoin (BTC) and Ethereum (ETH).
However, after the infamous crypto-winter hit the industry in 2018, the altcoin’s price has struggled to get even close to its record highs ever again. In addition, many still argue on the nature of this crypto, causing a lot of controversy around the project and doubts about its future.
Now that XRP is striving to finally trade above $0.30, investors from the community are making their bets on whether or not the coin will be able to make it past $1 by the end of this year.
Do you want to invest in Ripple currency but not sure how it is set to perform in the foreseeable future? We have you covered. In this article, we recap the project’s fundamentals, review its recent price fluctuations and check out what the latest XRP price predictions for 2020 and beyond look like.
What is Ripple all about?
Ripple traces its roots back to 2004 when Ryan Fugger sketched the first prototype of a decentralised payment system called RipplePay. One year later, the system was launched with a goal of offering reliable payment solutions within a global network.
In 2012, it was rebranded as OpenCoin. Ever since, the project’s aim has been to develop a protocol to provide innovative and useful payment solutions for banks and major financial institutions. In 2015, the company returned to its present name – Ripple.
The system is fuelled by the XRP cryptocurrency. The coin was designed to smooth financial transactions by making them faster and cheaper.
Ripple price prediction
What makes Ripple attractive to investors?
Unlike other cryptos, the project is not trying to oppose the current financial system with banks and governments. In fact, Ripple is doing its best to become integrated into it.
With ambitions so high, the project was meant to become a success.
Ripple confirmed it has signed over 300 banking and financial customer partnerships. The list includes some world-renowned names, such as Euro Exim Bank, Barclays, HSBC, Accenture, MoneyGram, JNFX, FTCS, BFC Bahrain, ConnectPay, Ahli Bank of Kuwait, Transpaygo, GMT and WorldCom Finance.
A year ago, the company’s CEO, Brad Garlinghouse, said: “We’re now signing two – sometimes three – new customers per week. We also saw a 350 per cent increase last year in customers sending live payments, and we’re beginning to see more customers flip the switch and leverage XRP for on-demand liquidity.”
In October 2019, Bank of America confirmed a collaboration with Ripple’s XRP Ledger to test the distributed ledger technology on cross-border payments. However, it was also stated that the institution does not plan to start using XRP yet.
Only a week ago, another major financial institution partnered with Ripple. The National Bank of Egypt has signed a cooperation agreement to establish new channels for inward remittances.
The latest news proves two points. First – there is high interest from the institutional side. Second – Ripple’s core team can easily boast of great strategic competence.
The project’s widespread acknowledgement is continuously boosting investors’ confidence in its bright future.
XRP performance through the years: shooting crypto star?
Should I invest in Ripple? Many people asked themselves this question back in 2018 after seeing the coin skyrocket from $0.006 to over $3.8 in less than a year.
Ripple price prediction
The coin started on the market in 2012 with an approximate price of $0.005. Its value remained rather flat until 2017, when the entire crypto industry went through a mind-boggling boom.
The first price peak happened in May 2017. Back then, XRP soared to $0.36 per coin, followed by the Ripple’s office opening in Mumbai. The prices settled down around the $0.20 range for the next six months.
The second peak occurred in January 2018. On January 4, XRP hit its all-time high of $3.84. However, going forward, the price started falling gradually, and by September, the rate fell to $0.29. Short-lived upside momentum then boosted the coin’s value up to $0.56. XRP closed 2018 at $0.35.
In 2019, the coin did not have any significant breakthroughs, holding steady in the range of $0.2 – $0.5. After bottoming at $0.17 in December, the price of the third-largest cryptocurrency surged up to $0.33 in eight weeks’ time, representing a gain of nearly 100 per cent.
Now that XRP trades at around $0.30, analysts have split in two. Some are sure that more upside is likely for the prominent altcoin, while others say it has the potential to plummet dramatically once again.
If you analyse the dynamics of the XRP rate, it is easy to notice that Ripple news plays a crucial role in the coin’s valuation. Every time the business announced a new partnership with a large bank or payment service, it would always trigger short-term price hikes in XRP.