United States – While Bitcoin is currently the most prominent digital currency, Ripple’s XRP gains more interest this 2020. Throughout the year, Ripple continuously adds new features to help fund business operations and incentivize customers.
According to internal sources, Ripple’s XRP trades well above the $0.2500 support and runs a steady increase. Last October, the digital asset even broke the $0.2600 resistance level. XRP has resumed its march higher despite the coronavirus pandemic.
Other top ten cryptocurrencies, including Bitcoin and Ethereum, have not gained the same increase this year. Although Ripple’s XRP fell as the economy closed, many critics claim that the currency can still win before 200 ends.
Many investors are happy with XRP’s performance, especially with the latest On-Demand Liquidity that has increased significantly in the third quarter. Despite experiencing some fallbacks last April and May, investors believe that XRP can outperform Bitcoin in the next months. It may not look much, but XRP’s price and performance are getting better.
As some critics explain, XRP can break out of a falling wedge, and people will surely be surprised with Ripple’s performance in 2021. Some analysts predict XRP rising to $0.77, which is incredibly higher than the $0.25 mark this year. Ripple’s XRP may not easily break the strong resistance along with the $0.33 this year, but it will surely stabilize and level up next year.
Recently, Ripple purchased $46 million XRP for the first time, despite owning nearly half of the currency’s supply. The executives claimed that the transaction aims to support ‘healthy markets” and create more interests around XRP. With this strategy, Ripple can increase XRP’s price, especially during the launch of the newest system called Line of Credit, where customers can buy XRP on credit from Ripple. Unlike Bitcoin, Ripple uses new ODL capabilities to source XRP liquidity from the open market dynamically.
Furthermore, Ripple also opened its newest regional headquarters in the Dubai International Financial Centre. This location is suitable for Ripple since it has a unique and reliable judicial system and regulatory framework.
The blockchain-based payment firm reportedly chose Dubai since it has more innovative regulations and offers a special economic zone for blockchain-based companies across the Middle East, South Asia, and Africa.
Ripple CEO Brad Garlinghouse has shared that the DFIC in the United Arab Emirates offers companies like Ripple profits for at least 50 years and no corporate income taxes.