Ripple coin which is traded under the name of XRP is ranked as the top 8th cryptocurrency in the world and 3rd when taking a look at the market capitalization. All cryptocurrencies are made in different ways and for different purposes. Bitcoin gained popularity mainly because of the idea of a digital, decentralized currency, meaning that it wasn’t regulated by any government or big banks.
Ripple kind of goes against the decentralized concept, in fact, it works directly with big banks instead of taking them out of the picture. There are many people who are afraid of investing in cryptocurrency because it is decentralized and thus controlled by the users and developers of the respective cryptocurrency.
Another area where Ripple goes against the world of cryptocurrency is where Ripple Labs (Ripple’s parent company) holds over 50 million Ripple coins (which is 50% of the total supply of 100 million coins). Investors tend to think that this gives the company the power to dump the coins in the market and then repurchase them for cheap because the sudden increase in price will result in a steep price drop.
Why Ripple’s price might increase in the upcoming months?
As reported earlier by Theoofy Ripple is on the rise. Ripple is basically a cross-border payment system. The cryptocurrency is linked with some of the major banks which make it all possible. For example, if you want to send money to a friend who lives across the border in a different country, you will have to pay the bank fees. Moreover, it will take 2 to 5 working days for the transaction to be processed.
Ripple is the alternative, through Ripple, you can make the same transaction within seconds and with much fewer transaction fees. Yes, Bitcoin can be used to transfer money too, however, according to Ripple’s CEO it will cost roughly $40 to do the transaction through Bitcoin and will take a little longer to process the transaction.
Ripple already has integrated with banks such as Standard Chartered, American Express, Money Gram, Axis Bank, MUFG bank and many more. The more banks that get involved, the more the value of Ripple will rise. Another reason why Ripple’s value is expected to rise is becasue a new company named Coil is launching a payment means for content creators.
The company Coil is owned by one of Ripple’s executives and has already successfully integrated itself with big platforms such as YouTube, Wikipedia, Twitter, and even Twitch (the popular live streaming app). Basically, viewers can donate Ripple coins to their idol or stars they watch. Coil uses the blockchain tech at the back end and no other system developed for a similar purpose use blockchain.
Ripple’s price prediction
Ripple’s (XRP) price rose by over 60% in under a week outrunning the market cap of Etherum in just under 24 hours. And although the current price isn’t anywhere near the all-time high which was $3.23, there are speculations that it might be valued at a point which will be close to the all-time high.
XRP (XRP) Price Today – XRP / USD
It’s predicted that the top cryptocurrency will touch the $2.50 per coin mark within a few months and might even go as high as $5.06 by year-end. This prediction is backed up by the proof that Ripple broke out of the 0.25 mark. Some experts also predict that during 2019 the price might rise to $8 or even $10.
None of these predictions should be taken as financial advice, and you should only invest money you can afford to lose. The highly volatile crypto market has shown us that its full of surprises. With that being said a majority of speculations about Ripple is positive and it seems like the price of Ripple might touch the sky soon. Apple recently added Ripple to its stock market app too which is just another positive sign for the investors.