Ripple outperforms ETH and BTC, Targets $0.70

Despite ETH and BTC prices rallying to new 2020 highs, their performances were dwarfed by XRP. The third more valuable cryptocurrency rallied to $0.65 on Dec 17 before contracting and closing, gaining 19 percent in 24 hours. Analysts are confident of XRP bulls pumping prices above $0.78 and $1 in the next few weeks.

Details: 

After a lull in the first half of the year, the XRP price is up 226 percent this year, and 106 percent in the last month according to trackers. The RippleNet ecosystem is vibrant, boasting over 300 banks, 20 percent of which use On-Demand Liquidity (ODL), a solution that uses XRP. Analysts watch the number of financial institutions using the solution for cross-border fund transfer to gauge—and project demand for XRP. Next year, according to Asheesh Birla, an executive of Ripple, the for-profit firm will aggressively market ODL and XRP, tipping scale in favor of bulls, and therefore more upsides for the coin.

Impact on the XRP Price: 

Bullish. Ripple is targeting a specific niche, often resisting change, banks. With ODL, banks will save time when moving funds as transactions will be cheap and instantaneous, an advantage for the under-banked or those without access to financial services.

More market updates on our Blog