XRP is pushing hard alongside Bitcoin and other cryptocurrencies. New analysis shows an upcoming bull run for XRP after it successfully geared up above $0.31.
XRP at $1 – XRP’s Bullish Trend to Begin
Ripple, a platform that aims to provide a 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 price possibly touching $1. Below are some of the appealing reasons why XRP could attain $1.
Ripple Featured in the Fastest Growing Company List
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.
XRP gains 5 percent against USD
The digital asset has been struggling to break the resistance and finally broke a $0.30 mark by the start of August 2020. At the time of reporting, XRP is priced at $0.316 with a gain of 5.4 percent against USD.
One of the analysts noted that today’s XRP push might lead to a major bull rally for the digital asset.
“4h XRP looking in wonderful shape with the LTF resistance breakout,” he said.
Pentoshi, lead technical analyst at blockfyre also tweeted that it is the official start of XRP’s bull run.
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.
You may find this interesting – Ripple CEO Predicts XRP To Be One Controversial Cryptos by 2025
XRP Outperforms Tether (USDT) to regain 3rd spot
XRP which was struggling to gain resistance at $0.30 has managed to surge 30 percent in the price. It also has surpassed Tether (USDT) to gain the third spot on the coinmarketcap rating to become the world’s third most valuable crypto.
The reason behind this huge jump is said to be the increase in the number of wallets holding 1 million to 10 million XRP. According to some reports, 30 new whales have entered the XRP market which accounts for 3.7percent of the growth in a very short span of time.
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.
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