Ripple – the second cryptocurrency by market capitalization – Bitсoin course for today!

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Ripple – the second cryptocurrency by market capitalization – Bitсoin course for today!

Unpredictable changes on the market of cryptocurrency – the complete destruction of all the forecasts for Bitсoin and a sharp rising of altcoins!

Since mid-December all cryptocurrencies are falling. Bitсoin lost 40% and barely comes to life, other cryptocurrencies have lost about 30 %. Except for one – Ripple! This cryptocurrency continues to grow, despite the fall of the market. Ripple is in the top three by market capitalization. In particular on December 29 capitalization of Ripple climbed to 76 billion dollars, sliding Ethereum with the second line, and at night, December 30 reached 77 billion dollars.

Thus the capitalization of Bitсoin – 226,75 billion, Ethereum – 66,17 billion. Cryptocurrency Ripple ahead of Ethereum and became the second by market capitalization after Bitсoin. Company SBI Ripple Asia, which involves a blockchain-organization Ripple, on the eve announced the creation of the Association for the development of a platform for servicing Bank cards. Practically, this means the output of Ripple, as previously, the company specialized in interbank transfers. Now the blockchain will try to apply the issuers of Bank cards. Support for the initiative have already expressed such a large Asian companies as JCB, Sumitomo Mitsui Card and Credit Saison.

TODAY, DESPITE NOT SO OPTIMISTIC FORECASTS OF FINANCIAL MARKET EXPERTS, THE MOST POPULAR CRYPTOCURRENCY RECENTLY STARTED TO RISE SHARPLY. PRICE BITСOIN TODAY IS EQUAL TO 13531,17 USD!

2020 rightfully historically can be called the year that opened the world of cryptocurrency. After all, before it is more associated with unsavory online games or by means of paying for the service, the so-called darknet.

But for the past year, for money was paid great attention. As a result, the market capitalization of cryptocurrency, which in January 2020 was equal to 17.7 billion USD. But in December began to exceed 600 billion USD. Today in cryptocurrency market are more than 1300 coins, most of which for this year managed to rise by tens of percent. Stirred up all the crooks, and ordinary investors:)

For many, 2020 is the year of Bitсoin. And the reasons for this phenomenon has gathered a lot. It’s still a huge gap retains primacy in terms of capitalization. And also its share of the total market capitalization ranged from 40% -60%. The price of the cryptocurrency began the year below $1 USD tees, and managed to set a record after climbing above $20 tees USD, although suffered a decline. And yet Bitсoin managed to attract the attention of Wall Street.

As you can see, the closer to the end of the year, the more especially financial analysts procrastinate Bitсoin topic. Many refer to the fact that in a short time Bitсoin may face new competition from other cryptocurrencies. The whole point is that many, nowadays, have begun actively discuss the question of the real value of a cryptocurrency and what it is based in reality. Often the conclusion is that this value directly is the technology behind each cryptocurrency. For example, Ethereum offers a smart contract, which greatly simplify the monitoring of transactions, when the Ripple offers a technology of instant translation.

Therefore the exchange rate of the cryptocurrency will vary depending on the size of demand for a certain technology among the various users. Now it is very clear that Bitсoin entered the difficult competition with several alternative cryptocurrencies, the capitalization of which exceeds 5 billion USD.

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Ripple Is Now the 2nd Cryptocurrency by Market Capitalization

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The crypto market was considered bullish in the last 24 hours. However, the biggest news is that Ripple had more gains than others even Bitcoin. On Tuesday, XRP increased by 40%. As a result of the bullish trend, the crypto market, the market capitalization has increased by $2 billion. And more importantly, Ripple has reached $23.9 billion valuation. Ripple price has come up by 64% in just a day having a 113% increase for the entire week.

At this point, Ripple is now the second largest cryptocurrency based on market capitalization. It has overtaken that of Ethereum. Matthew Newton who works as an analyst for eToro mentioned that “The stars seem to have aligned for the coin”. He added that “Despite being one of the most polarizing cryptos of them all, eToro customers can’t get enough of XRP at the moment; it has more exposure than any other asset on our platform. As we’ve seen in the past, the price tends to move in short, sharp bursts, picking up a lot of momentum when the hype builds. It remains to be seen how much further it could go”.

Ripple and Celebrities

It is true that Ripple had a decent exposure. In fact, it was known for utilizing celebrities such as Ashton Kutcher in order to get XRP into the mainstream consciousness of potential investors. Many also criticized Ripple for using Bill Clinton in its PR campaign.

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And of course, there are a good number of reasons why many are critical about XRP. You have lawsuits that Ripple has been dealing with. There are lawsuits saying that XRP is a security. And for this reason, the US Securities and Exchange Commission left Ripple hanging whether or not it’s a security or a commodity.

Is The Price Going to Hold?

If you are going to ask the opinion of Ed Cooper, is the price of XRP going to hold? He believes that it “remains to be seen”. He said that “The high transaction values, coupled with market sentiment following the announcement on Monday could indeed be the reason why XRP reached new highs, having gained nearly 50% in the last 24 hours. While this is great news for many crypto enthusiasts and especially for XRP fans, it remains to be seen if the bullish trend will prevail, given the current market conditions that have seen nearly all cryptocurrency losing around a great deal of their value since the beginning of the year”.

Ripple announced that it is going to have the xRapid in the coming months. Another reason for the bullish price of Ripple is the fact that it has settled its conflict with Blockchain Consortium. In addition to this, XRP is now accepted via Twitch and YouTube which slowly develops the adoption for the cryptocurrency.

These could probably be the reasons why XRP’s price skyrocketed. However, it is true that only time will tell whether or not the cryptocurrency can hold current position. You have the likes of Western Union, for instance, that says Ripple’s products never really helped them in lessening the cost of cross-border transactions.

Ripple (XRP) Price Forecast

Ripple, which is also referred to as XRP, is the third largest cryptocurrency by market capitalization. It was founded with the objective to facilitate international payments for banks. Ripple was released in 2020, making it one of the oldest cryptocurrencies. The design choices applied for Ripple represent an alternative approach to the Nakamoto Consensus which is used in conventional blockchain platforms such as Bitcoin.

Fundamental price analysis

Unlike other leading cryptocurrencies all XRP was initially premined. This implies that a very large share of the circulating supply is concentrated in the hands of the founders

Chris Larsen and Jed McCaleb. As Jed McCaleb moved on from Ripple he started gradually selling his Ripple stake. Besides the founders an even larger share of the Ripple tokens is controlled by Ripple Labs, Inc., the company behind Ripple.

Ripple is unlike Ethereum no smart contract platform. Comparable with Stellar, Ripple has the objective to facilitate international payments in a digital world where fees and intermediaries complicate the life for people to financially interact with each other across borders and without any friction. To serve this purpose Ripple has two products to offer which are xCurrent and xRapid.

The design of Ripple as a payment network comes with a unique consensus mechanism which is substantially different from the Proof of Work consensus mechanism of traditional blockchains such as Bitcoin. Ripple makes use of a HashTree in order to secure consensus. The technology is patented by Ripple Inc. the company behind Ripple.

It is remarkable that Ripple was only added to Coinbase in February 2020 given the fact that the cryptocurrency was one of the earliest to become popular.

Historical price analysis

Ripple is one of the first cryptocurrencies to be around in the space. XRP was dominating the cryptocurrency market as the second most valuable asset in 2020 only behind Bitcoin. Thereafter 2020 saw the emergence of Ethereum which eventually would take over the place from Ripple as the second most valuable cryptocurrency, which it remains until today. There were several moments in time when Ripple was able to regain that position from Ethereum, but none of these occurrences was persistent. Neither Ripple nor Ethereum nor any other cryptocurrency were able to dethrone Bitcoin from being the most valuable cryptocurrency at any point in time.

Ripple’s absolute price peaked at more than 3 USD in January 2020. This point in time marked the all time high for many altcoins and the termination of the 2020 bull run. A severe price correction followed which continued until the end of 2020 and marked a more than 90% correction in price for XRP.

In the first half of 2020 XRP remained below expectations despite an improving market sentiment. Only in the months of February and May XRP showed a positive price performance while BTC closed with a green candle four months in a row from February until May 2020.

Besides the price evolution of Ripple compared to the US dollar, it is also worth taking a look at the XRP/BTC ratio. Ripple peaked against BTC in May 2020 and January 2020. Based on this historical data we can conclude that Ripple is particularly strong at the height of extremely bullish market movements in which Ripple outperforms Bitcoin just as many other altcoins do. At the current point in time Ripple is trading close to its yearly low on the BTC ratio offering an interesting entry point for those who want to invest in Ripple.

XRP price prediction by end of 2020

The community sentiment for Ripple in 2020 has so far been only modest. Despite the multi annual development efforts the actual adoption of Ripple so far is still modest. Therefore community members are raising concerns and question whether XRP is a sleeping lion or whether it had already its best times behind it.

Just as at the very beginning of the blockchain market also in 2020 the correlation of cryptocurrencies is highly positive and for this reason the price evolution of Ripple depends strongly on the overall market. The sentiment in the blockchain ecosystem in 2020 is so far bullish and most market observers expect it to remain so in the second half of 2020.

Based on the severe decline of Ripple in 2020 the cryptocurrency has a lot of room to move up to previous all time highs. The market capitalization of XRP peaked at 141 billion USD in January 2020. From today’s perspective it is unlikely that Ripple will regain this value again in 2020 based on the most recent performance. However, if Ripple could regain a third of its peak market capitalization in 2020 many investors and industry observers would consider this as a successful year for Ripple. This would value Ripple at a market capitalization of more than 45 billion USD and a price of more than 1.15 USD and seems to be a realistic scenario for the end of 2020.

XRP price prediction by the end of 2020

In order to make a more long term price prediction it is necessary to assess the potential for future adoption of the technology provided by Ripple. As of today there a numerous banks experimenting with the RippleNet of which probably Santander is the most famous example. However, the adoption seen so far is mostly experimental and not yet substantial. Nevertheless, this statement is valid for every cryptocurrency at the current early stage of the industry.

In the recent months the competition for Ripple has intensified. The huge US bank JP Morgan has launched its own cryptocurrency JPM coin which tries to offer a similar value proposition as Ripple. However, the Ripple leadership believes that digital currencies which will be issued by one particular bank will not be adopted by the entire banking industry. Besides JP Morgan also Facebook is trying to move into a territory that Ripple would like to serve with its soon to be announced stable coin.

The recent developments both in terms of price performance and market development put significant pressure on Ripple. Therefore we expect the price of Ripple to surge no higher than 3 USD by the year 2020. This means that Ripple might be touching its all time high again in 2020.

Conclusion

The momentum has shifted away from Ripple during the massive 2020 bear market. In order to regain the market confidence XRP depends on significant user adoption of the technology. The centralization of the funds makes it harder for the Ripple community to compete with other large crypto communities. Our price estimates for 2020 and 2020 are therefore cautious and conservative. Nevertheless, we expect decent returns for Ripple in the course of the next two years even though these may be below the market average.

(14 votes, average: 1.71 out of 5)

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