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XRP | Behind Price Predictions & Top Experts

XRP Predictions

June 12, 2020 | 

3752 Views | 

Dan Mitchell | 

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We can usually rely on internet cryptocurrency ‘experts’, pundits and influential outspoken figures (such as Warren Buffet, Anthony Pompliano, etc) to deliver regular predictions and commentary on the price and performances of various tokens as well as the market in general.

It would appear however that the pandemic Coronavirus panic has rocked the industry and financial markets (including crypto) has also had a heavy economic impact on cryptos.

The subsequent uncertainty and perceived market unpredictability amongst investors, however, is reflected by a relative desaturation in price predictions on social media and beyond.

We take a look at the factors which can influence XRP value and how these may help inform your future decisions, in addition to recent opinions from amateur pundits...

XRP Price Predictions: Twitter

Twitter predictions, due to a lack of presence from relative experts, have been varied and surprisingly sparse. Here are a couple of recently shared expectations...

News: A Major Influence

Like with traditional cryptocurrencies like Bitcoin and Ethereum, the news is one of the greatest factors which can influence the value of Ripple’s XRP (network developments, economic, etc). A good example of this is how the BTC halving event affected BTC price, before and after.

On June 11, 2020, it was revealed that Brazilian bank Banco Rendimento had signed on to become the first bank to join Ripple’s new ‘RippleNet Cloud’ service. RippleNet cloud is a spinoff from the base RippleNet infrastructure, which was released just a couple of weeks ago.

Whilst partnerships such as this only serve to boost the value of XRP (on the surface), Ripple’s partnerships with centralized institutions such as banks have been a source of contention amongst critics and users. This topic is explored further in ‘What is Ripple?’.

Also on June 11, 2020: Brad Garlinghouse (CEO of Ripple) revealed, over a live-streamed broadcast via YouTube, that Ripple had signed 28 ‘production contracts’ for XRP remittance in Q1 2020. In the report, Garlinghouse also claimed an “85% increase in volume across Ripplenet between Q4 and Q1 despite ending March with a slowdown in growth”.

Price / Market

XRP followed much of the crypto market when its value and market cap dropped drastically mid-March following the pandemic status of the Coronavirus panic. Despite this, it has not recovered nearly to the same extent as BTC.

 

What is XRP?

XRP is the token for the Ripple Network (the token was formerly known as Ripple but has since been simply assigned the name ‘XRP’.

Coinmarketcap lists XRP as the fourth top-ranked cryptocurrency / digital asset token by market cap, with $8.39 million USD, and $1.35 million USD in terms of 24hr trade volume. This puts XRP just below Tether / USDT (no. 3) and more than double that of Bitcoin Cash / BCH (no. 5).

Although it features near the top of Coinmarketcap’s ‘Top 100 Cryptocurrencies by Market Capitalization:

XRP isn’t without its fair share of critics and doubters. One reason for this is the belief held by many that Ripple’s XRP is not a cryptocurrency, owing to the fact that it is fully owned and operated by a centralized corporate entity.

This conviction is supported by Ripple’s wealth of centralized corporate (monopolistic) blue-chip partners - as well as participation as a core member of organisations like Hyperledger. Ripple’s high profile, big business partnerships include Interbank, Santander, and Standard Chartered.

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