XRP to rise by up to 500% if xRapid controls just 5% of the global payments. The cross border payment market may hit $2 trillion by the year 2020. This figure comes from a report by McKinsey. The report cites robust growth in the Asia pacific region. It also says that global payments will see an increase and exceed $5 trillion in about five years. At spot prices, Ripple via xRapid should control only 5% for the digital currency to surge by 500 percent.
XRP (XRP) Price Today – XRP / USD
The figures are solid, however, the truth is that SWIFT, the Belgium based company formed by banks, is still the main and easily accessible platform for banks. Notwithstanding the advantages Ripple offers such as efficiency, speed and cost-cutting, SWIFT has plans to handle the settlement time while HSBC is testing a solution that will drop transaction time to two hours.
How Ripple is improving
Ripple is ramping up. So far, RippleNet has up to two hundred companies plugged to it. However, partnering institutions are more comfortable with xCurrent as opposed to xRapid. Two months after xRapid was launched during the SWELL conference, up to 12 companies including SendFriend, Transpaygo, JNFX, FTCS, as well as Euro Exim Bank. These companies are enjoying the speed and cost benefits of XRP.
Aside from this, there has been a rise in the use of XRP with 350 percent increase. When combined, such good news will make XRP holders happy for the prospect of the year.
XRP/USD Price Analysis
XRP’s market cap is still third place at $14.7 billion, only $800 million less than the second place digital currency, Ethereum. It has gone up by one percent since Wednesday. However, XRP prices are still ranging within 6 cents limit with caps at about 40 cents. It is also at the 61.8 percent Fibonacci retracement level.
However, the mid-November last year’s resurgence cements the bullish stand for the digital currency. But until the gains are solid and above 40 cents-42 cents resistance, the short term bears can push prices to 25 cents or even lower by the end of the month.
Buyers are currently in control and are consolidating within the low of September last year. Even with this, declines from the eighty-cent mark has been steep. Prices are 13 cents away from the 25 cents September 2018 lows.
Still, this proximity should not be the basis for a bear projection. Instead, the dip should be a buying chance now that there are clearer highs after the prices sank below thirty cents shortly. What is happening now is an accumulation inside a 55 cents range. Looking at it from an effort to result perspective, the bulls are controlling the price and chances for upsides are more at this point.
The volumes are low but bullish. As mentioned earlier, XRP is bullish from the effort vs. result point of view. A larger confinement of price is backing this view within September high low 3 months after surging from 25 cents.
Also, short term trend is presently bullish. The bull bar of last month was above average volumes. It was 52 million versus 28 million, and this exceeds the current volumes level. Considering the fundamental and technical developments, XRP bulls are more advantaged. However, things don’t look rosy until we see convincing breaks that surpass the 40 cents ma