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XRP may hit $5 value in the short term if Ripple conquers the remittance field
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.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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