The latest reports show that XRP offers close to 75% returns and that the price has increased by 300% since November 2020. XRP, also called Ripple, is a type of cryptocurrency that facilitates exchange or transfers across countries. XRP is as capable as Visa and can handle up to 1500 transactions per second.
The currency value has increased from $0.006 in 2017 to $3.60 in 2018, and Ripple is one of the highest valued start-ups in the world. The currency is used to transfer value in 10 exchanges and is very viable for cross-border transactions.
The most appealing thing about XRP transactions is that they involve no exchange fees or additional charges. The XRP price prediction statistics and reports show positive vertical growth for the price of this cryptocurrency.
History of XRP’s Growth
Ripple introduced XRP in 2011 through the Ripple Protocol and the Ripple Exchange Network. The company went on to receive the Bitlicense from the Financial Department of New York. While Ripple is similar to BitCoin and Ethereum, it is used mainly to transfer and exchange value and not to store as an asset.
Since its introduction in 2011, Ripple has seen only one price fall post which its prices had surged by up to 36000% in 2017. Unlike Bitcoin and other altcoins, XRP doesn’t facilitate the transfer of value without financial institutions’ help. Instead, it collaborates with a list of specified financial institutions and makes the transfer process easier for the institutions and the customers.
Famous examples of banks and financial institutions that use XRP include the Axis Bank, UBS, Royal Bank of Canada, and the International Foreign Exchange.
Benefits of Using Ripple
Reports show that Ripple is planning to expand its operations to markets outside the US and that the start-up has already set up a new base at the Dubai International Finance Center (DIFC). Ripple Labs also announced its planning to move into other markets like Switzerland, Singapore, and the UK.
- Ripple uses a flexible platform where you can use it to transfer digital currencies and products without an additional exchange cost;
- Ripple provides a smooth, easy, hassle-free way to transfer value across borders;
- Ripple uses the famous and reliable blockchain technology to operate;
- XRP prices have seen a highly positive surge since their introduction, and XRP price prediction studies show it is expected to rise further.
Price Prediction for Ripple in 2021
Since the downfall of XRPs prices in 2017, the altcoins’ prices have seen a steady vertical rise. The volume of XRP trading has also seen a positive surge. Reports prove that there were days where the trade volume increased by up to 130% in just 24 hours. The number of transactions in 2011 is over 2.6 Million.
The market demand for the coin is high, and over half of the demand comes from corresponding Binance markets. Further, based on reports of the past six years, the XRP’s ROI has seen a constant rise and is expected to rise even more. Stock market and investment trading reports show that the currency investors show a bullish attitude towards the currency and continue to do so in the foreseeable future.
Studies also show that XRP is one of the most scalable digital currencies in the market today. Since the onset of Covid-19, the rise in XRP prices saw a small dent. While the prices of Bitcoin and Ethreneum had spiked up by 92% and XRP prices only saw a 24% increase. The scenario saw a change in November 2020 when the altcoin’s prices rose, and it once again became the third-largest digital currency in the market.
The currency continued to see an upward momentum, and its prices rose to up to $0.76 from $0.19 in November. It recorded a daily high of $0.73 on Bitsamp and $0.90 on platforms like Coinbase.
The primary reason for the price high was Ripple’s decision to buy back $45.6 Million worth of XRPs from the market. The real-time price of XRP in April 2021 is around $1.28, and the currency has a trading volume of $22,265,049. The average increase in daily prices is around $23.40%.
Is XRP a Good Investment Option?
Since Ripple does not attempt to grow as an investment asset that can be stored, it is free from some of the stringent regulations surrounding digital currencies like Bitcoins. However, prospective investors may note that XRP is primarily a device for transferring value between domestic and international parties.
A report submitted by the Official Monetary and Financial Institutions Forum states that the DLT technology used by XRP solves some core issues faced by banking institutions. Ripple has many feasible, profitable plans for the years 2021 and the coming years.