- XRP massive sell-off forces some investors out
- What the future holds for XRP in 2020
The top 5 cryptocurrencies by market cap recorded major gains during the first half of the year. With Bitcoin recording a surge of over 300%, Ethereum – 250%, Litecoin – 400% and EOS – 300%. Ripple native token only saw a surge of 78%, recording a negative year-to-date (YTD) return of 40%. XRP investors are perplexed on what could have gone wrong.
2019 saw the San-Francisco company Ripple go into several partnerships to build its ecosystem around XRP and aid the adoption and usage of the coin. The distributed ledger startup in May partnered with Ria Money Transfer, a subordinate of Euronet Worldwide to power swift global payments. By joining Ripple Net, Ria is now able to settle transactions with increased speed, transparency and efficiency, providing its customers with a better experience. Shortly after the partnership with Ria Money Transfer, Ripple went into partnership with MoneyGram for cross-border payment and foreign exchange settlement. The partnership is a two-year agreement that will permit MoneyGram to send money from one currency and instantly received in the destination’s currency with the help of xRapid.
Lastly, in August, Ripple announced the addition of Xendpay, a UK-based remittance firm, to its leagues of partners for its global settlements platform, RippleNet. The partnership permits Xendpay to aim new markets like the Philippines, Indonesia and Vietnam and aid currencies that were isolated in the past.
What the Future Holds for XRP in 2020
Most of Ripple’s partnership according to Brad Garlinghouse is to help increase the liquidity of both XRP and RippleNet, establishing a better ecosystem for growth. In an official statement by Garlinghouse, he went thus:
“This year has been our strongest for Ripple yet. In 2019 we’ve seen continued momentum with customers, growth of RippleNet, and adoption of On-Demand Liquidity. In just a year since we launched ODL, we are already making an impact on the bottom line for our customers. We’re excited to continue this momentum into next year and for the expansion of ODL into new markets.”
2019 can be said to be the strongest year for Ripple due to the growth of its cross-border payment solution. XRP is set to end the year as the worst-performing crypto among the top 5 by market cap.
XRP (XRP) Price Today – XRP / USD
Things could get worst for the coin next year as ripple is going into the year with a legal complaint that argues that status of Ripple’s token. Though the U.S. Security and Exchange Commission (SEC) has the last say on this issue, the Crypto Rating Council (CRC) declared in October that XRP is most likely security.