The Ripple (XRP) crypto asset has seen its price climb to all-time highs in 2020, pushing investors to speculate about the token’s potential future price. With the debate now on whether Ripple could reach $7, an expert has pointed to certain levels as being critical to consider. Read on to discover these key levels and uncover the critical insights of an industry expert.
1. XRP Eyes the $7 Mark: What Will It Take to Get There?
Recently, the cryptocurrency XRP has rocketed up to around $6 per coin. Demand for the digital asset has been high, and the sentiment is that a rally up to $7 could be on the horizon. For XRP supporters, the question now becomes: what is needed for a successful run to the $7 mark?
- More institutional involvement. To reach the next level, the institutional investment in XRP needs to increase significantly. This could be through the addition of more crypto hedge funds investing in the digital asset or more exchanges listing it.
- Improved technology. Technological advancements need to be made to the blockchain so that the complex financial transactions XRP facilitates can be made quickly and securely.
- More use-cases. XRP needs to become more integrated into international payments and remittances systems, with more businesses and individuals utilizing it as a viable digital asset.
At present, this level of success has yet to be achieved, but XRP supporters are confident this milestone can be reached in the near future with the right investments and advancements. The days of reaching the $7 mark for XRP may not be all that far away.
2. Keys to Achieving Ripple’s Aspirations: An Overview
Ripple have established a clear roadmap for achieving their global vision. Achieving this ambitious vision is not a task that can be accomplished overnight, but rather one that needs to be broken down into smaller goals. Here, we will explore some of the key factors for achieving Ripple’s aspirations.
Availability of Liquidity Pool: One of the foundations of achieving Ripple’s vision is to promote the global availability of liquidity. By ensuring that a large pool of liquidity is available around the world, Ripple will promote financial inclusion and cross-border payments. Ripple is working with payment providers to facilitate liquidity pooling, as well as conducting research and development.
Managing Liquidity Across Borders: In addition to having liquidity available, managing liquidity across borders is critical. This means that users should be able to transfer money anywhere in the world, without encountering hurdles and at minimal cost. To achieve this, Ripple is working with financial institutions and payment providers to provide seamless, cost-effective transfers across borders.
- Reducing cost: Ripple aims to reduce the cost associated with cross-border payments. This can be achieved by making the financial system more efficient.
- Reducing transaction times: Ripple is working to improve transaction times by introducing technologies such as XRP and ILP. This will enable users to transfer money faster, enabling better mobility.
- Providing a secure network: Security is a top priority for Ripple. They are working to provide a secure system for users, in order to ensure safety of funds.
- Developing applications: Ripple is also working on developing a range of applications, such as xRapid and xCurrent, that users can utilize to benefit from Ripple’s technology.
These are some of the key ways in which Ripple is aiming to achieve its global vision. With the help of these initiatives, Ripple will be able to spread its reach across the world and bring much needed financial inclusion.
3. XRP Fluctuations: Analyzing Historical Prices
XRP is one of the most volatile digital assets on the market, and it naturally attracts plenty of attention. Analyzing XRP’s historical prices can help us gain insight into what’s influencing its ever-changing price points.
- Long-Term Cycles – The long-term picture reveals at least some correlations between XRP’s growth cycles. Bullish trends have usually been followed by bearish ones, and vice versa. This can be seen in characteristics of each decade since XRP’s inception.
- Short-Term Fluctuations – While long-term cycles provide greater insight into XRP’s price trends, short-term fluctuations have a larger impact on its day-to-day value. Market-moving news, supply/demand dynamics, and trader sentiment all contribute to these price changes.
XRP’s historical prices can give us a great window into these factors that influence its value. By studying these further, investors can gain a better understanding of the nuances of this crypto market, and the role that XRP plays in it.
4. Analysts Weigh in: What Needs to Occur For XRP to Reach $7?
For XRP to reach $7, several factors need to be present, according to analysts.
- Significant adoption by banks: One of XRP’s unique features is its ability to settle payments quickly across borders. For XRP to gain value, banks must first adopt it as a viable settlement option. This is already happening, as several banks, including SBI and Bank of America, have successfully used XRP to process payments.
- Legal changes: Regulatory changes can also give XRP a boost, according to analysts. If governments in countries with high currency exchange rates recognize XRP as a viable currency, there could be a massive influx of investements, pushing the value of XRP higher.
In general, analysts argue that XRP is in an enviable position for growth, with both payment banks and investors eagerly anticipating its potential. With few legal hurdles and significant progress happening in the banking sector, analysts do agree that XRP has huge potential in the near future.
5. The Future of XRP: What To Watch For Going Forward
The future of XRP appears to be a bright one, as its technology and infrastructure are being adopted to promote the use of digital assets. With a strong foundation in place and collaborations with the likes of MoneyGram and PwC, XRP will continue to provide innovative solutions for the payments industry. There are several developments that those keeping an eye on XRP should look out for:
- Increased adoption of XRP by businesses and financial institutions. More and more financial institutions are beginning to see the value of XRP technology. This could open up opportunities for increased usage of the crypto-asset and accelerate its growth in the digital asset market.
- New partnerships. As XRP continues to gain traction in the industry, more partnerships with other well-established companies are likely to come. This could potentially see XRP being used to facilitate payments between different companies.
- Further development of XRP technology. With a network that is continuously being developed and improved, XRP is likely to benefit from more advanced features and capabilities.
Overall, XRP has a great future ahead of it. As the world’s second largest digital asset, XRP stands to gain from the increasing demand for digital currencies. With the right strategies and alliances in place, XRP could be well-positioned to become a mainstream asset in the near future.
The discussion surrounding Ripple’s potential to reach $7 is just heating up. As new channels of investment and speculation open up and the value of XRP continues its climb, all eyes will be on the market to see if the goal can be achieved. Until then, keeping a watchful eye on the critical support and resistance levels may help to determine when and if Ripple can make this dream a reality.