All social media platforms are abuzz with a possible Ripple XRP mega breakout price by the end of the year and due to xRapid. One argument is that if XRP went to $3.82 earlier on in the year based on a rumor that Coinbase will list it, then with xRapid – which is a guarantee – the value of the digital asset could see higher levels than those seen in January.
XRP has managed to maintain levels above 30 cents after it spiked in the markets on the 18th of September. During that day, the digital asset did approximately 21% in gains in a 5-hour window of time. The digital asset rose from $0.274 to $0.33 further proving to its loyal HODLers, that good times were ahead for the digital asset.
Further doing our research as to why XRP spiked in the markets, we find that on the 17th of September, one of Ripple’s top executives hinted at xRapid going live in the next month or so. This exec. was Ripple’s Head of regulatory relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarabhai and he had this to say:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
xRapid is known to utilize XRP as an instant source of liquidity when funds are being sent across borders. What happens is that xRapid uses XRP as a temporary store of value of the transaction until it reaches the receiving side, where it is instantly converted to the local currency. The genius of xRapid is that it reduces the transaction speed of cross-border payments from 2 to 3 days to 2 or 3 minutes. The banks, or remittance service providers, end up saving 40% – 70% in foreign exchange costs.
When xRapid goes live in the next month or so, XRP is 90% guaranteed to break out in the markets. The reason for not giving a 100% on that guarantee, is that we are currently in a bear market, and any FUD such as the fake news about Goldman Sachs a few weeks ago, can ruin XRP’s ride to the top.
3 Major Exchanges to Facilitate xRapid
Just a few weeks ago, the Ripple company announced that it had partnered with the three exchanges of Bittrex, Bitso, and Coins.ph to further their xRapid operations. The three exchanges operate in the United States, Mexico, and the Philippines respectively and will be used by remittance service providers, to source XRP directly from the cryptocurrency markets.
This means that as remittances start being sent using xRapid, the trade volume of XRP will definitely increase in the markets and bring the much-needed attention to the digital asset. The only way is up for the digital asset henceforth.
Ripple XRP mega breakout
One prediction that has continually appeared on Twitter, is that of $589 per XRP by the end of the year. This value was predicted by a mysterious Reddit member known as Bearableguy123 back in February. All his posts on the platform have since disappeared and so has his Twitter account. But this number has stuck in the XRP community with a good percentage believing this prediction.
What do you think of the $589 price prediction by the end of the year? Is it possible for XRP? Please tell us what you think in the comment section below.
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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 //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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