Ripple: XRP price explodes by 60%

  • Ripple’s XRP has risen more than 57% in the last 24 hours to a price of $0.73, reaching an all-time high in 2020.
  • Yesterday the Bank of America was confirmed as a member of the RippleNet along with numerous other bullish news.

For a long time XRP showed a rather below average performance and the community was very disappointed. However, after numerous news in the last few days, the XRP price has risen meteorically, within the last 24 hours, by more than 57% to a price of $0.71. The market capitalization has also climbed to $31.57 billion, so that XRP was able to displace Tether from third place of the largest cryptocurrencies worldwide already on the weekend.

As we reported yesterday, Bank of America has joined RippleNet, joining a long list of well-known partners such as MoneyGram and Santander Bank. Since the beginning of the year, the rumor mill has been boiling with supposedly leaked documents that confirmed the news. Since yesterday, however, the Bank of America is listed on the Ripple website as a partner, but an official statement is still pending.

In addition, Ripple’s payment solutions were praised in a multi-page report by a leading think tank, the Official Monetary and Financial Institutions Forum (OMFIF), a think tank focused on central banks. According to OMFIF, blockchain technology, and XRP in particular, offers numerous advantages and improvements over the traditional banking system in these five key categories: Speed, security, transparency, cost and risk management and guaranteed traceability.

The report concludes that using SWIFT is a complicated process that can be eliminated and greatly simplified by using Ripple’s On-Demand Liquidity. This would allow banks to allocate less liquidity to specific services and still move the same transaction volume in global payments:

The bank only needs to hold its domestic currency and have an XRP account, with only as much XRP available as is needed to meet its largest expected payment obligation. The procedure minimizes the number of intermediaries and their markup on spreads.

Ripple was already mentioned in August this year in another report by the influential “Group of Thirty” as a possible option to replace traditional banking in the long term. Members of the group include numerous central bank representatives such as Jean-Claude Trichet, former head of the ECB, as well as well-known personalities from well-known companies such as Philipp Hildebrand, deputy chairman of Blackrock.

In addition, Ripple CEO Brad Garlinghouse stated in a podcast that central banks around the world see great potential in XRP and are conducting further research to explore the possibility of issuing stablecoins on the XRP Ledger. XRP is seen by some analysts as a “sleeping giant” with great potential.

Can XRP rise to $25 or even $30 in the long run?

The analyst Credible Crypto recently predicted a rally of XRP with a price increase of more than 1.000 % to a target price of 25 to 30 USD. In his opinion, XRP has successfully completed a long correction and is now on the way to start a new upward cycle. He advises all his followers not to sell XRP now:

(Relative Strength Index) RSI tells a story, pay attention to it. Selling $XRP now is like selling $BTC when it was at $197- before it ran to 20k.

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