What is XRP?
Nowadays everyone knows XRP, which is a cryptocurrency developed by Ripple Labs. Inc. This initially came to be known as OpenCoin in 2012. It is known as Ripple in 2015 and is finally referred to as XPR after the final name change.
It’s a digital asset that came into existence to provide source liquidity to payment providers, markets and banks.
Benefits of Ripple
The benefits of Ripple include faster transaction speeds and do cost less compared to other cryptocurrencies like Bitcoin and Ethereum. The other benefit of XRP is that all the coins are released all at once so the XRPS is always in circulation.
XRP Price Prediction for 2020
XRP occupies a unique position in the market as it is not like the regular cryptocurrency on the blockchain despite the decentralization of the currency Ripple Lab works with different banks and financial institutions to maintain its stronghold in the market.
XRP has also made great strides in terms of international partnerships with various multinational banks and financial organizations like the Royal Bank of Canada and SWIFT. Ripple also has more than a hundred active contracts for its payment services.
This cryptocurrency has a lot of potential for the modernization of the banking services. Large corporations are not interested in talks about decentralization instead they are looking for ready-made solutions for the same.
Ripple comes to the rescue by providing a mechanism for instant payments. By 2020, the company plans to find out ways to attract more banks into the system like the Royal Bank of Canada.
Experts suggest that XRP will gradually be used everywhere. Also, the increasing attention of the currency will increase its market value by several thousand digits.
XRP PRICE BACKGROUND CHECK
Before the XRP price prediction for 2020, it is important to get price action an older overview of this currency XRP has always maintained a daily volume in the hundred thousand spots.
It was after 2016 that the cryptocurrency market worldwide had gained its market. During the same year, XPR alone began to produce $1M+ daily volume.
Around the same time, there were uneven vectors amidst the price and volume that is a potential indicator of a price movement. Also, it has been seen that the price has gone up by several folds within the last few years violating the conventional levels of volume. Its partnership with MoneyGram
XRP has shown considerable progress over the past few years which is a win-win situation for both parties where XRP usage is seen to rise gradually.
BULL MARKET BEHAVIOUR
In the limited number of bull markets in the cryptocurrency market present at the moment. XRP has shown the best performance compared to Bitcoin.
Although Bitcoin is being traded in the most popular auto trading robots like Bitcoin Trader Review, XRP is increasingly appearing amongst the various trading options along with Bitcoin. Even though XRP initially underperformed Bitcoin on the bull market.
However, during the global crypto bull markets, XPR maintained a value growth and surpassed the value of Bitcoin and all the other cryptocurrencies. This is the basis of the 2020 prediction.
FACTORS THAT AFFECT THE GROWTH OF XRP
One of the colossal progress of the year was the launch of a cryptocurrency project on the social media site, Facebook.
The prediction that Facebook might use this opportunity to take over the existing cryptocurrencies, including XPR and will launch its own cryptocurrency to monopolize the market is wrong.
This is because, through the continuous cycles of cryptocurrency market movements, the remaining coins will increase in value solely because the rest of the market increases in value.
Also, even if the Facebook Crypto coin exerts pressure on the XRP, this must not be seen as the end for XRP, rather this will be a healthy competition that it suits both the firms for.
TECHNICAL ANALYSIS OF XRP
This will provide a relative insight into whether the price of the asset may head in 2020.
The technical analysis of the circle shows that the circle is the same as the price of the XRP in 2020. The important fact to note from the analysis is that the volatility of XRP to USD is rising on a monthly chart that showcases large swings in the upward direction.
2020 will be the year for cryptocurrencies and everyone expects it that XRP will be one of the world’s leading cryptocurrencies with strong supply. As all currencies would experience difficulties, the first quarter will be very unstable.
For an increasing number of signed institutions, investment banks making use of the XRP coin, there will be a stimulus in competition with the new Facebook stable coin and planned developments for 2020, hence Ripple’s future is positive.
Soon, cryptocurrencies could give the stock markets and commodity markets competition. Ripple’s probable to be around by 2020.
The final predictions that can be made from the analysis done above
- XRP will establish itself in its own niche market, which will lead to an expansion in-network and growth in assets.
- The price of XRP/USD will reach $10/XRP (this will provide 1000% ROI from its present state by the end of 2020
- XRP will eventually become more institutionalized, global asset by the first quarter of 2020.
- XRP will thus become a leader for administrative, judicial and compliant cryptocurrencies.
- XRP is a solid investment, both for short term and long term depending on the way the cryptocurrency can stand in the market.
- It is important for Ripple has to prove its usability to financial institutions as payment providers that will help clear any doubts (if any) the institutions may have about this cryptocurrency.
- Ripple offerings are valuable for both flat and digital currency. There are also several competitors in the market that will ensure a healthy competition in this field, which also means that Ripple’s XRP can not exert full control over the market. Overall, this looks like a solid investment.