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Should I buy XRP in 2021?

buy XRP in 2021

February 9, 2021 | 

JOHN K MWANIKI |  0 Comments| 

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The modern banking system consists of slow and outdated transaction processes. For instance, ordinary bank transfers from one part of the world to another can take up to a week to complete. Ripple is a cryptocurrency that seeks to provide solutions for international financial transactions. It serves as an open payment platform. It allows users to exchange and settle payments from anywhere in the world. XRP is the cryptocurrency token used to conduct transactions on this platform. 

Generally, the Ripple system seeks to link banks worldwide. It also aims to ease payment systems and cross-border transactions. Let us find out Ripple's main features (XRP) and if you should buy XRP in 2021

Is it a good idea to buy XRP in 2021?

Many potential investors and participants of Ripple's platform are wondering about its forecast in 2021. Various factors affect XRP's price, including recent news surrounding this cryptocurrency. Luckily, Ripple is very active in updating its community on its recent developments and news. 

Likewise, it is vital to analyze the previous performance of this cryptocurrency. Crypto experts also believe that analyzing Ripple's performance since its start aids in predicting its future price. In this article, we will look at a brief historical overview of Ripple. We will also analyze its 2020 performance in the cryptocurrency charts.

Ripple: A brief history

Ripple's development began as RipplePay back in 2004 by Ryan Fugger, a Canadian developer. He developed the first XRP sample to serve as a payment system in RipplePay's electronic version. But, the crypto community did not give it due interest. 

So, Jed Mccaleb, an entrepreneur and programmer, and other investors furnished the project with more funding to support its development. He founded OpenCoin, which later became Ripple Labs Inc. In turn, Ripple and XRP rose to become the top three cryptocurrencies in the world in 2012. With its increased transaction processing rate at low fees, many investors embraced this cryptocurrency. They found it as a means to make profitable transactions with digitized funds.

Currently, Ripple's throughput is the highest of all cryptocurrencies. It can handle 1500 transactions per second. XRP takes about four seconds to complete such transactions and scales up to 50,000 transactions per second. As a result, this cryptocurrency speeds up transactions, reduces the costs involved, and prevents unnecessary delays and inconveniences. 

What does Ripple coin seek to achieve in 2021?

Another way to determine if you should buy XRP in 2021 is by analyzing its features and benefits in today's economy. There is a total supply of 100 billion XRPs, with over 25 billion sold to individuals and other companies. 

The Ripple network's primary role is to provide financial institutions with valuable payment solutions. Usually, banks offer slow and expensive transactions to their clients. This often leaves them frustrated. Their outdated systems complete international payment transactions anywhere between days and weeks. 

Ripple seeks to offer instant and cheap transactions from anywhere in the world. The cost of a standard transaction on the Ripple network costs approximately 0.00001XRP. Additionally, the price of 1XRP is about $0.29 in today's crypto market. Thus, conducting transactions on this network is almost free as it is so cheap. 

As mentioned earlier, Ripple transactions take less than five seconds to complete. The platform also has the support of many reputable payment apps and financial institutions. Due to its good partnerships with many famous names in the financial industry, Ripple is an ideal option for many investors. 

In 2021, this platform seeks to cooperate with more than 40 international financial companies. These include MoneyGram, Union Credit, UBC, and Santander, to provide easier cross-border transactions. It also aims to provide savings of up to 4 USD per operation to financial institutions. 

How has XRP performed in the past?

When Ripple entered the cryptocurrency market, its cost was $0.0058. This was the price for many years until March-April 2017, when the price soared to $0.03. In May, the coin jumped to $0.2 when the Bank of Tokyo-Mitsubishi joined the Ripple Network. Throughout 2017, XRP's price fluctuated between $0.18 and $0.3.

Due to bitcoin's growth in December 2017, Ripple hit $1 per coin and over $3 per XRP in January 2018. But, XRP's price plummeted to $0.28 by the end of December 2018. This was even after the release of xRapid, a platform for financial institutions and payment services. 

However, the demand for XRP began rising in April 2019. Its price jumped to about $0.45 in May of the same year. By October 2019, XRP traded at $0.24, and its price reached $0.63 by the end of November due to the expansion f cryptocurrencies, including bitcoin. 

By the end of December 2019, it traded at $0.225 owing to its issues with the Securities and Exchange Commission (SEC). According to various news reports, SEC sued Ripple as it claimed that the network conducted an unlawful issuance of securities. 

At the beginning of 2020, XRP traded at $0.20 and steadily rose to $0.35 by March. The price then fell to $0.15 by late March and experienced a slight market rebound in April. By the end of 2020, this cryptocurrency traded at $0.28.

Is it wise to buy XRP in 2021?

Ripple has established a robust relationship and a global presence with many banks and financial institutions over the years. As a result, the future of XRP development looks quite promising. According to Credible Crypto, a famous crypto analyst, the fluctuations experienced by this cryptocurrency over the years are quite normal. The source predicts that the cryptocurrency will reach $25-$30 in the long-term, but after experiencing a 30% drop in the market.

On the other hand, Wallet Investor, an online forecasting service, predicts that XRP will reach $0.70 within the first months of 2021 before taking a dramatic plunge. By the end of 2021, the price will trade at an average of $0.30 and begin 2022 by selling at $0.50.

Based on these predictions and the past performance of this cryptocurrency, it is an excellent opportunity to buy XRP in 2021. Especially since it is trading at such a low price. Many crypto enthusiasts are waiting for the cost of bitcoin to rise. In turn, this will influence the rise in the trading price of other cryptocurrencies, including XRP. 

Conclusion

If you are looking to buy XRP in 2021, most XRP 2021 price predictions look promising, as seen above. However, the cryptocurrency market is quite volatile, meaning it is difficult to establish long-term estimates. Thus, it is vital to conduct sufficient research before investing in any crypto, including Ripple. Take into consideration expert advice, technical analysis, and the latest market trends.

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