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Top 5 Reasons XRP Could Hit $1 This Year

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Highlights

    Ripple started a strong surge after it broke the $0.3000 resistance zone against the US dollar.

    If the XRP price remains elevated and the bulls might aim a test $0.6000 or $0.7500.

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.

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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.”

Also Read : Ethereum Price Analysis, ETH Price May Break Above $1K by Dec 2020?

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

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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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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