Ripple is definitely going to rule all the international transactions worldwide unlike Bitcoin that was never intended to be a simple payment machine. Ambitiously, currency exchanges may disappear in a few years like Blockbuster stores did.
XRP(Ripple), is the fourth most widely used crypto-asset behind Bitcoin, Ethereum, and Tether. XRP is a token used for representing the transfer of value across the Ripple Network. XRP is often referred to as “Ripple,” although technically Ripple is the name of the company and network behind the cryptocurrency, and XRP is the cryptocurrency.
The main purpose of XRP is to be a mediator for other – both cryptocurrencies and fiat – exchanges. It is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. XRP was created by Ripple to be a speedy, less costly and more scalable alternative to both other digital assets and existing monetary payment platforms like SWIFT.
Monthly and Weekly Analysis of Ripple(XRP) in Terms of Volume of Trade and Price (according to historical data from coinmarketcap)
Monthly Analysis in Terms of Volume of Trade
The trading volume of Ripple(XRP) is 2,154,131,805 on May 14, 2020 and 1,050,423,848 on Jun 13, 2020. The difference in monthly trading volume within this duration is 1,103,707,957.
Therefore, the percentage decrease in trading volume is within this period 51.24%.
Weekly Analysis in Terms of Volume of Trade
The trading volume of Ripple(XRP) is 1,141,964,765 on Jun 07, 2020 and 1,050,423,848 on Jun 13, 2020.
The difference in weekly trading volume within this duration is 91,540,917.
Therefore, the percentage decrease in trading volume is 8.02%.
Monthly Analysis in Terms of Price
The trading Price of Ripple(XRP) opened at $ 0.201341 on May 14, 2020 and closed at $0.193106 on Jun 13, 2020. The difference in monthly trading price within this duration is $0.008235.
Therefore, the percentage decrease in monthly trading price within this duration is 4.09%.
Weekly Analysis in Terms of Price
The trading Price of Ripple(XRP) opened at $0.203180 on Jun 07, 2020 and closed at $0.193106 on Jun 13, 2020. The difference in monthly trading price within this duration is $ 0.010074
Therefore, the percentage decrease in weekly trading price within this period is 4.96%.
What is Ripple used for?
- Payment ecosystem. User can basically issue his own currency for fast and cheap transaction. For example, one can create a currency to buy and see vintage vinyls or action figures between the collectors.
- Low commission currency exchange. There are many currencies that can’t be directly converted to each other. So, banks need to use the US dollar as a mediator. So, there is a double commission: converting currency A to USD and USD to currency B. Ripple is a mediator too, but much cheaper than USD.
- Fast international transactions. Average transaction time is 4 seconds. Compare it to hour or more for Bitcoin and a few days for regular banking systems.
Which banks support Ripple
- Axis Bank
- Yes Bank
- Union Credit
Interestingly, America’s Consumer Financial Protection Bureau has given Ripple approval for its use in cross-border money transfers recently.
What the experts are saying about Ripple Future?
XRP Price 2020: TradingBeasts predict that the average price of XRP will rise to around $0.36 and stay close to that number.
XRP Price 2021: Ripple price expected be valued in between $0.20 and $0.31.
XRP Price 2022: The TradingBeasts price prediction for XRP in 2022 put it in the range of $0.41 to as high as $0.5.
According to Roman Guelfi-Gibbs, the CEO and Lead Systems Designer for Pinnacle Brilliance Systems Inc.:
“Ripple certainly has the potential to move up a notch in 2018, but I think it will be more likely in 2019. As the market observes more projects being coded in other algorithms such as XRP, ETH will likely take a backseat to the next big coin/token. It will take some time for the markets to digest this, so I am projecting 2019 to be the likely time for it to take place. Of course, with crypto, anything can happen, so watch closely.”
John-Paul McCaffrey, associate director at Long Island University:
“Although currently there isn’t a platform to exchange fiat currency for Ripple (XRP) this may change sooner than you think.”
In the vision of Chris Larsen, founder of Ripple, large banks like Citi, JPMorgan Chase, PayPal and Alipay will continue to exist. But the “Ripple Network” will be the system they use to communicate with each other, just as the Internet’s interoperability protocols now link the world’s email networks. It is a collaborative scheme rather than a zero-sum game competition.
Shidan Gouran, president of Global Blockchain Technologies:
“Ripple is unlikely to go up by one or two notches in the cryptocurrency world in 2018, and this is the case for three reasons. The first reason is the sheer dollar volume that separates each of the three currencies in the top positions, in terms of their market cap. Bitcoin is at over $191 billion, Ethereum is at over $84 billion, and Ripple is at over $35 billion. To displace Ethereum would require a deficit of about $49 billion to be closed (which is more than double Iceland’s entire national GDP). The second reason is that the use cases for Ripple are mostly for the trade of assets, not for day-to-day spending. As consumer awareness of cryptocurrencies will rise significantly in 2018 and beyond, the interest of the masses will be on cryptocurrencies that can be used as currencies, not just for investment transactions. Finally, the third reason is that because Ripple cannot be bought with fiat currencies, one must purchase existing cryptocurrencies such as Bitcoin and Ethereum to purchase XRP. This goes on to feed demand for Bitcoin and Ethereum, and will only solidify their positions as the top two cryptocurrencies on the market. “
Samson Williams, CSO of Ireland-based fintech firm SeedUps:
“Though not a cryptocurrency at all, it is the child of banks. So it’ll get the natural bump from [the] 2018 Recession.”
Cory Johnson, Ripple’s Chief Marketer, says he has long followed cryptocurrency and the blockchain industry, but became particularly interested in November when most of the major digital assets rose in price.
“From my point of view that moment, which is now completely biased, says the intrinsic value in these coins, or in these assets, is not there. I just hope someone else finds it there…
But what I saw in Ripple was something different from what I see in some of these other currencies, and certainly in many of these ICOs: that the software company’s activities create value in the asset, an underlying intrinsic value. I think Ripple is going to be able to demonstrate an intrinsic value to XRP that some of these outgoing currencies and assets don’t and won’t have.”
Who is ripple partnered with?
Intermex, the financial partner of Ripple is listed on the Nasdaq stock market with the stock quote IMXI. The partnership could enable Intermex to implement Ripple’s On-Demand Liquidity (ODL) product through RippleNet, the company’s global payment network connecting financial institutions.
Last year, MoneyGram received $20 million in funding from Ripple to enhance its payment solutions through a partnership system with many leading financial institutions. The funding by Ripple completes its $50 million offerings for about 15% stake in MoneyGram to run its experimental program for testing the effectiveness of the digital token XRP.
MoneyGram recently reported a growth rate of over 100% of the year to year digital transactions on its platforms in Q1 2020.
Ripple partners with Ghana fintech firm Waya to bolster instant payments across Africa.
The future of Ripple’s price remains unpredictable, but it should be considered one of the most widely adopted cryptocurrencies.
Consequently, one must maintain realistic expectations and continuously monitor a constantly changing market.
If Ripple continues to work with more and more banks and increase access for everyday people to XRP, the future is most definitely looking good and you may consider investing in Ripple. Ultimately, the technology behind Ripple is innovative and the people behind it are renowned experts.
All opinions expressed in the above article are solely of the author’s and do not reflect the opinion of the Global Crypto Alliance Ltd., any of its affiliations or any other company. This article is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. The Global Crypto Alliance Ltd. strongly recommends that readers conduct their own research and due diligence into the company, product or service, if any, that may be mentioned in the above content.