9.4 C
Amsterdam
29 March 2024
PumpMoonshot
Image default
News

Top 5 Reasons XRP Could Hit $1 This Year


XRP at $1 – XRP’s Bullish Trend to Begin

Ripple, a platform that aims to provide seamless, hassle-free, and low-cost cross border payments, has recorded its growth on many blockchain entities. The native token of Ripple, XRP is also expected to have a bull run with a price possibly touching $1.

Advertisement

XRP Gains 12% Against USD

At Press time, XRP price is $0.594701 USD with a 24-hour trading volume of $10,702,257,945 USD. XRP is up 12.19% in the last 24 hours. The current CoinMarketCap ranking is #7, with a live market cap of $27,001,809,647 USD.

Below are some of the appealing reasons why XRP could attain $1.

Ripple, the blockchain company behind one of the largest cryptocurrency has been featured in the list of INC5000, fastest-growing companies in America. Among the various other companies, Ripple was ranked 123 in the list.

Ripple recently had also featured in the CNBC top 50 most Disruptor companies that recognized Ripple as the blockchain remittance provider. Such pragmatic insights about the company enhance the trust among the investors as Ripple is the parent company of the third largest crypto asset, XRP.

Ripple confirms Bank of America as a RippleNet client

Ripple has confirmed its cooperation with Bank of America (BoA). By updating its website, the payment solutions company has revealed Bank of America as one of its main clients in the RippleNet along with Banco de Santander, Standard Chartered, Nium, SCB, Moneynet, among others.

During the annual Swell conference hosted by Ripple, which took place online this year due to the pandemic-driven lockdown, BoA demonstrated the use of Ripple’s xCurrent product. Earlier still, in 2019, the bank filed a patent to register a blockchain-based product called “Ripple.”

Growth in the volume of Ripple’s ODL

On-Demand Liquidity(ODL) or formerly known as xRapid is a payment service used by Ripple for faster and cost-effective cross border payments. As XRP acts as a bridge between two fiat currencies, eliminating the need for a Nostro account, Ripple’s ODL has recently received a massive demand.

In fact, it has grown in its volume 11 times year-on-year. Moreover, it also has accounted for more than $2 billion transactions since its launch. In addition, there are over two dozens of customers on board with ODL using XRP. Some of these customers include MoneyGram, goLance, Viamericas, FlashFX, Azimo, etc

Ripple recently revealed its ODL plans for India but also demanded to be provided with clarity in regulations. These developments and demands in the ODL solution with XRP as an underlying asset could be a driving force for XRP’s big move.

Increase in adoption of RippleNet

RippleNet has witnessed a substantial increase in volume. Ripple CEO, Brad Garlinghouse recently shared the stats of RippleNet on Twitter. In his tweet, he adds that the company has processed more than 2 billion transactions on RippleNet. Moreover, these transactions were processed in a short span of fewer than three years.

However, ODL payment services using XRP have contributed more than 20 percent in the volume of RippleNet.

Long story short, Ripple’s expansion has added to the surge in the XRP price and the recent analysis suggests that XRP at $1 could be possible in the near future.



Related posts

Zcash Price Analysis: Calm Breeze after a Thunderstorm for ZEC Investors

PumpMoonshot

Microsoft And Apple To Buy Bitcoin Soon, Raoul Pal Says

PumpMoonshot

XRP Poised For Bullish Breakout: Inverted Hammer Formation Signals Rise Above $0.8 Resistance

PumpMoonshot
Verified by MonsterInsights