The whaaaaat? XRP gonna hit $10? Yes, you
heard that right guys! Can you believe it?, hop on and find out when soon enough will
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TILL THE END! So what's Ripple and how does it work? Ripple is a real-time gross settlement system,
currency exchange and remittance network created by Ripple Labs Inc., a US-based technology
company. Released in 2012, Ripple is built upon a distributed open source protocol, and
supports tokens representing fiat currency, cryptocurrency, commodities, or other units
of value such as frequent flier miles or mobile minutes. Well, guys XRP is the name given to a digital
currency which helps in the transacting of money on a Ripple network. It works as a liquidity
source whenever it is necessary besides acting as a bridge among the two currencies.
which is an open source blockchain operates on the interface of peer-to-peer servers.
At the same time, it belongs to the asset class of the XRP ledger. Among the top two cryptocurrencies, Bitcoin
and Ethereum in the world by the market cap, the third biggest currency is Ripple. It is
originally the name of the company that is responsible for creating and transferring
global payments using XRP. Ripple was conceived by Jed McCaleb and built
by Arthur Britto and David Schwartz who then approached Ryan Fugger who had debuted in
2005 as a financial service to provide secure payment options to members of an online community
via a global network. Fugger had developed a system called OpenCoin which would transform
into Ripple. The company also created its own form of digital currency referred to as
XRP to allow financial institutions to transfer money with negligible fees and wait-time. The Benefits of XRP The potential benefits of the Ripple network
to financial institutions go beyond the ability to earn additional revenue by maintaining
the blockchain. In fact, that is a very small part of the overall equation. The primary
benefits are the speed at which transactions can be settled, the lower cost and the absolute
certainty of the transfer.
The benefit of reducing the time it takes
to securely transfer money from days to seconds is obvious. Banks make money by lending it
out, and capital tied up in transfers is a lost opportunity. Similarly, the benefit of
lowering the cost of doing business is easy to understand. However, the certainty provided
by the Ripple network is at least as significant to banks and financial institutions. Banks and institutions “bounce checks”,
just like people. Banks lose significant amounts of money on these failed transactions. In
addition, banks lose their money on deposit with another bank in another country when
that bank fails. This is known as counterparty risk, and it is completely eliminated by the
Ripple blockchain and the XRP cryptocurrency. One of the crypto assets performing great
this year in terms of providing a seamless payment gateway experience is Ripple. Lately,
Ripple has launched a new project on its RippleNet called Line of Credit.
This project is a beta
service that enables Ripple customers to acquire funds easily. Then, they can start financing
their cross-border projects using XRP tokens. Furthermore, Ripple has recently partnered
with Lemonway, a payment gateway in Europe for online marketplaces. This partnership
is said to improve payment transactions between euro-euro and other currencies supported by
Lemonway. Now that you all have a better idea about
XRP, do you think XRP will be a profitable crypto in 2021? Would these events be good
enough to make Ripple a good investment? Will it hit $10? C'mon let's find that out in no
time! As of now, XRP is trading at $1.39 with a
24-hour trading volume of $30.355 billion. Currently, the top cryptocurrency exchanges
for XRP are Binance, Huobi Global, ZBG, Upbit, and OKEx.
Now, let’s proceed to the next part of this
XRP technical analysis. Will the latest upgrades, development, and
changes in the XRP blockchain help the cryptocurrency price to reach higher? In this chart, which is set in a daily time
frame, we can see the Ascending Channel pattern. An ascending channel is the price action occurring
in an upward direction through a sloping parallel line.
Also, the chart displays the Higher
highs and higher lows from this price pattern. More so, this pattern represents a short-term
bullish. As discussed, at the beginning of this month,
XRP turned from its bear to bull trend. This is the result of the high trade volume that
happened in that period. The Relative Strength Index is above 70, which
means that XRP is in an overbought state. Hence, this may lead to a price reversal at
any given time. Therefore, traders must trade crypto carefully
and must not be affected by the market hype. Keeping all this in mind, traders can be aware
and move away from unexpected losses due to the crypto market’s wild swings.
World reserve currency XRP is perfectly positioned to serve as a
world reserve currency. It can be held in significant quantities to provide liquidity
for foreign exchange reserves, international transactions and investments, and all other
uses throughout a global economy. Ripple Labs’ co-founder Arthur Britto wrote,
“XRP must be scalable to accommodate 7.5 billion people.” Does this mean that it
was designed to be used by every human on the planet and to serve as a world reserve
currency? Yes and yes. Let’s look at XRP’s ability to scale.
At its creation, a total of 100 billion XRP were created.
No more can ever be created,
so it is deflationary in nature. Setting aside the fact that some of these XRP have been
burned or lost, 100 billion XRP at a $10,000 value per XRP would provide $1 quadrillion
in total value. By its very nature, XRP is highly liquid,
with fast transaction and settlement times. It is also inexpensive to use. If it is used
as a de facto reserve currency, there is no need to exchange it for fiat currency, though
this is also easy to do across multiple currencies and payment networks via the Interledger Protocol. XRP will solve the debt crisis without devaluing
fiat currencies. For example, the U.S. government and other governments could buy XRP at very
low OTC rates, which wouldn’t drive prices up on the retail exchanges. Likewise, major
financial institutions could also stock up on XRP at extremely attractive prices. When
all systems, policies, and agreements are in place, they simply announce that XRP will
serve as a reserve currency.
This drives utility and demand, which rapidly increases the price
of XRP. The governments could then settle their debts using XRP, which would not devalue
their fiat, because they would not be printing any additional dollars or other fiat currencies. Let us now look at the Simple Moving Average
and the Exponential Moving Average of XRP. Since the start of 2021, XRP’s price has
seen many bullish moves which are higher than the previous one. More so, these are followed
by fluctuations, consolidation, and corrections right away. Taking this into consideration,
XRP has a competitive market this 2021. The chart shows that Ripple has performed
great over the past few days.
Moreover, the XRP price is over 143% in the last 7 days.
If this trend continues, XRP might run along with the bulls, overtaking its $4.67 resistance
level and climb higher.In simpler terms, the price of XRP might plummet to almost $0.005,
a bearish signal. Meanwhile, our long-term XRP price prediction
2021 is bullish. It has a high possibility of surpassing its current all-time-high at
about $3.84 this year. However, that will only happen if it breaks many previous psychological
resistances. Ripple has a bright future ahead of it in
2021. With the ongoing developments happening within the XRP ecosystem, as well as in the
overall crypto market, we may see XRP reach new heights. And hell yes, it’s very much
possible that XRP might reach $10 in the near future as per the current bullish trend. Bullish XRP price prediction 2021 is $4.67.
As said earlier, it may even reach $10 if investors have decided that XRP is a good
investment in 2021, along with mainstream cryptocurrencies like Bitcoin and Ethereum.
For a good cause, invest in Ripple as it continues
to see rising acceptance across the industry. For years to come, this forward-looking firm
has successfully built its consumer niche. As a result, the XRP and Ripple extend their
presence on conventional capital markets, and you can expect to learn even more from
this group. Ripple seems to have a bright future for the
time being when more financial institutions show an interest in RippleNet membership.
XRP is one of the market’s leading cryptocurrencies. In contrast to other coins, it works in a
particular manner, opening the way for new and exciting opportunities. The bottomline is, yes, Ripple is indeed a
good investment and will be worth it in 2021.The digital currency, XRP, serves as a bridge
between currencies. It makes it possible for any money to be traded for another and does
not differentiate between one cryptocurrency and another.
Ripple builds on the shortcomings
that traditional banks have attributed. Transactions on the Ripple network are settled
in seconds, as this site also manages millions of transactions. In contrast with banks, it
can take days or weeks for a wire transfer to be done. The rate for exchanging Ripple
is also minimum; compared with the high rates paid by banks, the minimum cost to transact
is set at 0.00001 XRP. These benefits have fueled acceptance of XRP
and growth of RippleNet. The company has carefully nurtured this growth both by working with
the banking establishment and by slowly expanding the blockchain. This nuanced approach by Ripple
shows an intimate understanding of the industry that they are trying to remake. Now, let's
sit back comfortably and have an eye on Ripple as it gradually proliferates in no time & hits
$10! Well, we have come to the end of the video.
And we hope it was instructive enough.
And what's your subjective take on this matter?
Do you see in it the potential to explode and hit $10? How much do you think XRP will
be? Let us know in the Comments below! Thank you for watching! And make sure to subscribe
and check out our other valuable videos. See you soon at Financial Insights!.