XRP lost its place as the second largest cryptocurrency per market capitalization to ETH a few days ago. Since then, the price has been relatively stable. Ripple, the company behind the XRP token announced that it would be pumping in $1.7 million in SendFriend. This may have acted as support that prevented the price of XRP from taking a swing after the company announced that it was removing Cory Johnson’s role as chief marketing strategist. This morning, the price of XRP was on an upward trend. It looked like it was going to break the resistance levels. If the prices move above 34 cents, it would become clear that the bulls are in control of the market.
XRP Has Strong Fundamental Analysis
Ripple has a goal to make cross-border remittance faster and more secure. The company has said that it is not concerned about the price action of the XRP token but it is looking forward to achieving its goal and becoming the most popular provider of cross-border payment services in the world. Right now, Ripple has some strong fundamentals backing it.
XRP (XRP) Price Today – XRP / USD
First of all, there is the SendFriend investment. According to the World Bank predictions in 2016, global remittance will sum up to $575 billion from workers across the globe. Out of this number, $429 billion would come from developing countries. SendFriend intends to make these developing countries its market by opening a new payment corridor that will link the Philippines to the United States.
The statistics from the World Bank is in line with the statistics from Mckinsey in 2015. McKinsey estimated that by the year 2020, the global remittance network will sum up to about $400 billion because new methods of payment will be developed to boost efficiency. The report also stipulated that even if distributed ledger technology is still under a lot of scrutinies, blockchain technology is going to play a significant role in shaping the future of payment systems and the banking system.
Both predictions are now manifesting through blockchain payment service providers like Ripple. The SendFriend platform, which recently received $1.7 million in funding from Ripple and two other companies, intends to reduce the cost for cross-border transactions by up to 65%.
Four days ago, Ripple made expansion announcements. Since then, the price of the XRP token has been stable. There haven’t been any strong movements upward or downward. The price is currently within a tight trade range but the medium-term outlook is bullish.
The buyers are in control of the market to an extent but there is still some resistance from the sellers. There is a double bull reversal pattern that has extended from the lows of September 2018. A bull run will be triggered when the price is able to move above the 34 cents level. If this happens, the price of XRP may go as high as 60 cents. This means XRP needs a catalyst that will lead to a double-digit gain against the USD.
XRP Price Analysis Now
At the time of writing, XRP was trading at $0.303740. The price is higher by 0.59% against the USD and up by 0.58% higher against the USD. The trading volume over a 24 hour period is $526,593,506 and the market capitalization is $12,516,553,725.
Do you think SendFriend will be able to fulfill its promise by slashing the cost of global remittance by 65%?