At the turn of 2017 and 2018, Ripple made a dizzying leap, briefly becoming the second most capitalized cryptocurrency in the world after Bitcoin. This growth was followed by a long and painful decline in the exchange rate and market capitalization of XRP. The drop turned out to be even deeper on average than the general sagging capitalization of cryptocurrencies.
However, the crypto market boom of early 2021 has helped XRP to rebound and regain its footing. Although the coin hasn’t overtaken its previous highs yet, who knows what the future holds? We may very well see XRP go to the moon again in the future. Let’s take a closer look at this coin’s prospects in our Ripple price prediction.
Please note that this article does not constitute investment advice. Remember to do your own research before deciding whether any cryptocurrency is a good investment or not.
XRP Overview
XRP Price today
$0.50
Price Change 24h
17.75%
Price Change 7d
54.52%
XRP Market cap
$25,105,797,479.47
Circulating Supply
49,848,747,475 XRP
Trading Volume
$7,222,523,593.43
All time high
$3.84
All time low
$0.0028
What Is XRP?
Unlike most other cryptocurrencies, XRP was created neither as an alternative means of payment nor as an alternative to traditional paper money and the entire banking system as a whole.
The purpose of XRP is to create a new method of calculation for the banking system — namely, an alternative system of interbank transfers with minimum commissions.
The main goal of the Ripple network is to ensure a high speed of money transfers. The system uses a consensus registry to record information about transactions, which differs from the classic blockchain in many ways. In traditional consensus algorithms, such as Proof-of-Work (PoW) or Proof-of-Stake (PoS), trust in nodes is formed based on their computing power or the value of the balance. In Ripple, trust is built on the reputation of the owners of node validators, which are banks and other registered companies (Axis Bank, American Express, Royal Bank of Canada). Validators must reach an agreement on the authenticity of transactions to confirm them.
Since the release of the maximum number of XRP tokens (one billion coins) occurred at an early stage of the protocol’s existence, it is impossible to get coins in the system by mining or forging. There is no reward for checking transactions: commissions for making transfers are irrevocably “burned out,” reducing the number of tokens in circulation. Banks that use the protocol for mutual settlements are interested in the system’s stable operation, so they are most often the holders of the node.
Ripple’s network consensus mechanism is often criticized for its lack of transparency and low degree of decentralization. In July 2021, only 55 node validators performed transaction verification. The system developers recognize the need to expand the network: in their blog, the company has repeatedly announced plans to increase the number of trusted nodes.
Ripple supports instant currency and asset conversion. The user does not need to worry about the type of currency on their balance: when making a transfer, the exchange will be carried out automatically. The ability to conduct exchanges in such a fast manner turns the system into a central hub for international settlements and interbank payments.
The creators of the system are in favor of the legislative regulation of cryptocurrencies. Strict adherence to formal requirements has provided Ripple with wide recognition among major financial institutions. Since 2014, such well-known banks as Mitsubishi UFJ, UBS, and Unicredit have been actively connected to the system.
Unlike most other cryptocurrencies, XRP was created neither as an alternative means of payment nor as an alternative to traditional paper money and the entire banking system as a whole.
The purpose of XRP is to create a new method of calculation for the banking system — namely, an alternative system of interbank transfers with minimum commissions.
The main goal of the Ripple network is to ensure a high speed of money transfers. The system uses a consensus registry to record information about transactions, which differs from the classic blockchain in many ways. In traditional consensus algorithms, such as Proof-of-Work (PoW) or Proof-of-Stake (PoS), trust in nodes is formed based on their computing power or the value of the balance. In Ripple, trust is built on the reputation of the owners of node validators, which are banks and other registered companies (Axis Bank, American Express, Royal Bank of Canada). Validators must reach an agreement on the authenticity of transactions to confirm them.
Since the release of the maximum number of XRP tokens (one billion coins) occurred at an early stage of the protocol’s existence, it is impossible to get coins in the system by mining or forging. There is no reward for checking transactions: commissions for making transfers are irrevocably “burned out,” reducing the number of tokens in circulation. Banks that use the protocol for mutual settlements are interested in the system’s stable operation, so they are most often the holders of the node.
Ripple’s network consensus mechanism is often criticized for its lack of transparency and low degree of decentralization. In July 2021, only 55 node validators performed transaction verification. The system developers recognize the need to expand the network: in their blog, the company has repeatedly announced plans to increase the number of trusted nodes.
Ripple supports instant currency and asset conversion. The user does not need to worry about the type of currency on their balance: when making a transfer, the exchange will be carried out automatically. The ability to conduct exchanges in such a fast manner turns the system into a central hub for international settlements and interbank payments.
The creators of the system are in favor of the legislative regulation of cryptocurrencies. Strict adherence to formal requirements has provided Ripple with wide recognition among major financial institutions. Since 2014, such well-known banks as Mitsubishi UFJ, UBS, and Unicredit have been actively connected to the system.
XRP Technical Analysis
Here’s the result of the XRP technical analysis from TradingView, updated in real time.
Despite a few serious challenges on its journey, XRP remains a very popular cryptocurrency among both retail and institutional investors. It still gets analyzed and talked about quite often. Here are some expert XRP price forecasts.
Digital Coin Price
Digital Coin Price’s Ripple price prediction is fairly optimistic. Although this platform does not see this digital asset breaking through the $5 mark anytime soon, it thinks Ripple price will manage to stay firmly above the $1 in the foreseeable future.
Overall, their XRP forecast is bullish in the long term.
GOV Capital
GOV Capital is predicting an even stronger bullish trend for XRP than Digital Coin Price. Their forecast about Ripple’s price has the crypto asset reaching $5 by 2027. They also expect the XRP coin price to increase by over 80% in one year — which is definitely achievable if there is a new market boom and great news from the Ripple Labs team.
Wallet Investor
Wallet Investor’s prognosis is also bullish but a lot more reserved than that of the other platforms on this list. While they don’t see the XRP coin hitting $5 any time soon, they still expect it to have positive price dynamics.
Price Prediction
The platform aptly called “Price Prediction” has a positive outlook on XRP’s future. They expect the coin to keep on slowly and steadily increasing in value up until 2029, when, according to the website, Ripple price is going to explode.
According to their Ripple price forecast, Price Prediction expects XRP to cross over the $30 mark in 2031.
0 Comments
Post a Comment