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Ripple has seen better tides than what the majority of their coin XRP experienced in 2019. Aside from the rise XRP went through halfway of the year at 0.50 USD, its price remained steady at about 0.20 USD. Look into the possible future of this revolutionary coin and decide for yourself if it's worth the hype!
Today, the fastest way of transferring money across borders is by booking a flight and literally carrying your money to, for example, Mexico, yourself. Ripple CEO Brad Garlinghouse finds this time-consuming and extremely expensive task ridiculous, especially since we live in an era where rapid technological advancements happen every day.
Now we can instantly access information anywhere and anytime in a matter of seconds, Ripple provides the much needed oil to a rusty traditional banking system.
As of 2021, if you want to make a global transaction, you have to use a third-party service that acts as an intermediary by processing and validating transactions on behalf of users. Banks, for example, enable the use of credit cards. But this, of course, isn't free.
In exchange for this service, banks take a cut to cover their costs. This makes marketplaces expensive and time-consuming, and that's. what Ripple tries to solve with their revolutionary products. Using blockchain technology, Ripple cuts out the middleman by directly connecting parties who want to exchange assets with one another. All of this runs inside their own network, with their own coin (XRP). In this way, all financial obstacles are eradicated and financial networks can now exist without borders.
To make the Internet of Value possible, Ripple created its own network where consumers are connected, removing any obstacles that stand in the way of transferring money. This network, called RippleNet, is a self-sustained ecosystem where Ripple’s own decentralized algorithm runs the show.
To make things even faster, Ripple came up with their own coin, called XRP. Because of this, there’s no need to convert one currency to another just because it has a higher market demand.
Faster and cheaper transactions are possible within RippleNet because of xCurrent, xRapid, and xVia. These are the machines that keep the system running smoothly, each one with their own respective function.
xCurrent is the space where enterprises, banks, and payment providers can conduct transactions with each other. It runs on the Interledger Protocol that has access to different ledgers worldwide. With this broad network, there’s no need to jump through various hoops to facilitate settlements across borders.
xCurrent doesn't necessarily require the use of XRP. It’s a platform for members of the Ripple network to conduct business with each other without borders or barriers.
xRapid, which provides on-demand liquidity by sourcing XRP from digital asset exchanges, is a solution that connects members of RippleNet to exchanges where they can buy XRP.
Once a RippleNet member is hooked into xCurrent and xRapid, they can use the service via xVia. Payments are then processed in less than 5 seconds at a fraction of the cost.
Compared to 2018’s extreme highs and lows, 2020 was a quiet and steady year for XRP. It started the year with 0.3 USD, which remained steady up to the first quarter of the year.
By May it had jumped to 0.43 USD, and it stayed strong until June when it peaked at 0.48 USD. After that brief upward trend, XRP’s price fluctuated between 0.3 USD and 0.2 USD but experienced another hitch when it dropped to 0.18 USD by the end of the year.
While the price of XRP in 2020 looks slower than other crypto coins, as a company, Ripple has, in their own words, had its "strongest year of growth to date".
Ripple capped the year with a breathtaking $200M in funding from investors and partners who believe in what they're doing, with over 300 clients now part of the company's groundbreaking network. This means that over 300 banks, financial institutions, and payment providers worldwide are now connected through one global network where transactions are processed in real-time for a fraction of a dollar. That’s revolutionary!
One of Ripple's biggest accomplishments is arguably their strategic partnership with MoneyGram, one of the largest money transfer providers in the world.
MoneyGram Chairman and CEO Alex Holmes confirmed that, less than 6 months into their partnership with Ripple, they moved 10% of their transaction volume through Ripple’s On-Demand Liquidity, utilizing XRP. For the first time ever, payments between different currencies are being settled in seconds.
Although it's been a pretty rocky ride over the past two years XRP remains the third-largest cryptocurrency by market cap right after Bitcoin and Ethereum. Even with its low price, XRP still stands out amongst its competitors.
Not a lot of crypto enthusiasts are optimistic about XRP's future, with some predicting that it won’t even reach $1 in the next year.
Some say that the growth of altcoins has an almost mutually exclusive relationship with bitcoin; whereby, if bitcoin rallies, altcoins won’t grow as much because everyone’s attention is focused on bitcoin.
However, once bitcoin’s performance starts dwindling down (possibly with the onset of the the next halving event in May 2024), altcoins such as XRP may see their prices swing upwards. At the time of writing, bitcoin stands at $10, 115, and has been experiencing quick, short-term rises, followed by drops.
Others are optimistic about the future of XRP. Known crypto enthusiast, Credible Crypto, posted a whole thread on his Twitter account that discusses how XRP is on the verge of a massive bull cycle. He compares XRP’s performance to that of bitcoin during its bearish winter in 2017 to 2018. He points out that, in the same way bitcoin dropped and accumulated a low price for almost a year, XRP is carving out its own long-term bottom. He argues that XRP has been on a base-building process for 10 months now and could possibly swing upward in the foreseeable future.
The Twitter account speculates a reasonable price of 28 USD for XRP in the future.
With multiple banks joining the Ripple Network and MoneyGram’s partnership with the company,
XRP may just be on the right track towards widespread adoption. This resulting growth can mean massive demand for Ripple’s coin and, following the basic economic law of supply and demand, can translate to a surge in price come 2021.
Ripple XRP has a lot of potential, and the fact that it’s the third-largest cryptocurrency by market cap in the world, despite its low price compared to Ethereum and bitcoin, says a lot for the future of XRP. With major banks joining in, the mainstream adoption of RippleNet seems to be moving along steadily.
Ripple currently stands as one of the most promising cryptocurrencies, and the increasing number of clients they sign with every month serves to prove that. Its revolutionary technology creates a massive change in the world's financial institutions and that’s why it carries such a huge importance in the market. The more institutions adapt to Ripple, the more the ripple effect will spread within 2021s global fintech market.
That’s it for our recap on the future of Ripple in 2021. Thank you for your support and remember, at Bitcasino, you’ll never have a dull gaming moment. With dozens of brilliant games, you’re sure to always find what you’re looking for. As the forerunners in the crypto gaming revolution, we have a host of stellar crypto games for you to choose from including BTC, ETH, LTC, and TRX to name a few. Enjoy hours of exciting crypto gameplay today.
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