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XRP may hit $5 value in the short term if Ripple conquers the remittance field

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Ripple XRP
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Ripple (XRP) is characterized being one of the cryptos in the market that continually plays the most strategic moves to keep its position in the charts, and at the same time, be an active piece on the breaking of paradigms of the cryptocurrency world.

In fact, Ripple is working with more than 100 financial institutions around the world at the moment, among which are included renowned enterprises such as Santander, American Express, MoneyGram, Western Union (the company seems to have changed its mind just recently, though), and others.

However, it is not a secret to anybody that XRP as a token has been suffering pronounced losses in the last couple of months, a fact that is mostly attributed to the generalized slumps of the market, one of the hardest difficulties the sector has faced in history.

Like this, the token is currently looking for a solution to surpass the prices issues, and apparently, it already has come up with a very brilliant solution. This time Ripple (XRP) is looking forward to approaching a new target, and nothing seems to be more promising than engaging like this with the remittance payment sector, an alliance that may take the value of the coin to $5 or more. Let’s take a look at how it goes.

Asian remittance payment marketplace

Remittances are sent all over the world every day, and this is definitely a great niche to put the eyes on, considering the inefficiencies that cross-border transactions tend to incur in.  This said, I think I speak for all of us when I say that there’s actually not a better candidate in the cryptosphere to remove the frictions of transacting from one country to another, than Ripple (XRP).

Ripple is willing to remove the slowness while sending remittances abroad with the deployment of its solution xRapid, a product created to source liquidity and provide a platform to transact easier, cheaper, and simply better. But to make this happen, the company needs to define a starting point, and for this, Ripple has chosen nothing less than the Asian marketplace.

The Asian marketplace is one of the biggest in the world. In fact, Asia is considered the world center for remittances, being a continent where the remittance market produced an amount of 465,857,000,000 US dollars just in 2016, and is forecasted to hit the value of 500,482,287,387 US dollars by the end of the year.

This way, if Ripple manages to achieve its mission, it would be targeting both low and high volume remittance transactions in Asia, a milestone that could skyrocket the price of the coin to $5 in the short term, and even more in the long run.

The math behind this is actually quite simple. If we consider the forecasted value on remittances by the end of the year (500,482,287,387) and divide it by the amount of circulating XRP (around 100,000,000,000), we have the mentioned value per coin of 5 USD. However, this is only if we consider the whole amount of XRP in existence, but if we discount the equivalent percentage of XRP that belong to HODLERS (10%), then the value could reach to $5.25 in just a couple of months.

Furthermore, in lights of the adoption of xRapid for remittance payments, more coins will be used, which can translate into a larger amount of XRP in circulation. Like this, taking into account the 25% discount of HODLERS, the price would be $5.66, and even beyond, considering 50% the price would reach the mark of $6.25.

Conclusion

Ripple (XRP) one more time is proving to have the best decisions in the market and to say the least, this is something that will be beneficial not only for the crypto but as well for the thousands of people who struggle to send remittance back home every day.

The possibilities of this becoming a reality are immense and even more to expand to new horizons, for instance, at a global scale and not only in Asia, which, of course, would represent an incredible boost for the price of the third largest coin of the market, XRP. Hold tight, Ripple bull is coming.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Maxpixel.net

Blogs

How is the Crypto Market Changing?

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crypto market
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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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