Ripple (XRP) has had many traders and HODLers singing the infamous Money Song from the Wolf of Wallstreet from late October last year. Both groups of individuals expect the coin to skyrocket in the markets to values of over $10 by the end of the year and in the process, take the number 1 slot from Bitcoin (BTC) in the markets.
Current Market Analysis
Current price analysis of XRP in the markets puts the coin at a value of $0.86 and up 1.46% in the last 24 hours. This week’s highlight for the coin came when it was trading at $0.965 on Wednesday, 25th April. This was a few decimal points from the much anticipated $1 per Ripple (XRP) that was expected by the end of this week. But the markets had something in store for us. Such events are nothing new: especially with the speculated dump of over 16,000 Bitcoin (BTC) in the market by Mt. Gox only yesterday.
The now bankrupt exchange that took a nose dive in 2014, has been liquidating its BTC in the past few months in events that have both excited and angered the crypto community.
Past performance of XRP
Ripple had peaked in the markets in early January when it was rumored to being added to the popular American cryptocurrency exchange known as Coinbase. During that time period of buzz and excitement, XRP managed to peak to levels of $3.82 on January 4th this year. However, when the Coinbase announcement was not made, XRP dropped drastically and by mid January, it was less than half the peak value and inching closer to going below the $1 price.
Despite the above mentioned hurdles, Ripple has been amassing partnership after partnership. The current number has been confirmed to be above 100 banks around the globe but less than 200. Ripple CEO, Brad Garlinghouse, is noted as saying that he has lost count as to the exact number of partnerships but would be willing to announce them only when they reach 200.
What is known is that 40 to 50 of these banks are global Central Banks that regulate the corresponding economies of their countries.
Santander launched their groundbreaking international payment service known as One FX this month. It uses Ripple’s xCurrent to settle payments across its banks in Spain, UK, Brazil and Poland. Development is being done on a mobile app that will make things faster and for almost instant settlement via Ripple on Santander.
xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles. It includes a Rulebook developed in partnership with the RippleNet Advisory Board that ensures operational consistency and legal clarity for every transaction.
Increased market share has also played a part in the rise of Ripple in the past few months. Its market cap encompasses 8% of the total market cap that currently stands at $422 Billion. This is a value that has gone up 3 percentage points from levels in December last year.
The sky is the limit for XRP from this moment henceforth.