UNITED STATES – In the recent ‘Ripple Drop’ episode, the executives of Ripple (XRP) discussed the past and future of XRP as the year comes to an end. While some users think that this cryptocurrency is a rip-off, the banks in Japan plan to embrace it.
Ripple’s CEO States That There’s No Need for More Cryptocurrencies
During the ‘Ripple Drop’ session, executives of Ripple tackled the past, and the future state of XRP as 2019 is soon to end. Predictions were shared for the year 2020, as well as the whole era. They projected optimism for digital assets. However, several cryptocurrency projects will not make it, as per them.
The CEO of Ripple, Brad Garlinghouse, shared this belief in the digital asset industry, and he said that it would look toward some merging. He also states that many cryptocurrencies are not necessary as next year will concern more on a movement to quality.
The CTO of Ripple, David Schwartz, said the matching thought with Garlinghouse concerning on highlighting the quality use incidents of blockchain projects. He provides an advantage to blockchain companies that can loosen a dilemma and improve the lives of people.
As for Ethan Beard, the SVP of Xpring, he persuaded that digital assets and blockchain might replace the worldwide funding structure. On the other hand, Marcus Treacher, the SVP of customer success, foresees that blockchain will tie with other core empowering technologies.
Xpring is the investment wing of Ripple.
Facebook’s Libra Surprises Garlinghouse Bigtime this 2019
Aside from the predictions by the executives of Ripple during the episode of ‘Ripple Drop’, Garlinghouse shares how Libra, Facebook’s aspiring cryptocurrency, surprised him this year. As per him, Facebook might have confronted much fewer headwinds from administrations around the globe if the publication of whitepaper was planned better.
The VP of Global Institutional Markets, Breanne Madigan, agreed with Garlinghouse’s opinion. She clarified how the declaration provided an international motivation for controlling frameworks around blockchain technology and cryptocurrencies.
On the other hand, Garlinghouse shared the most “aha moment” as well. He shared that it was the time that he looked at Alex Holmes, the CEO of MoneyGram, admired the On Demand Liquidity (ODL) solution of Ripple, along with Holmes’ explanation of how it profited the company. Furthermore, Garlinghouse unveiled that it took one year for the leadership lineup of MoneyGram to be influenced by the XRP technology.
Treacher explained as well that the record development of RippleNet was the prime surprise in this year. As per him, the pace surprised him, wherein they were able to nurture an international network. RippleNet grew by linking payment companies and banks. Furthermore, he shared that they witnessed a remarkable uptick in activity, volume, and onboarding of international companies.
Monica Long, the SVP of Marketing, confirmed the sentiment about customer acceptance of the ODL of RippleNet. She clarified that the discovery for ODL was attained this year after several customers were primarily doubtful.
Some Analysts Think that XRP Might Drop 35% to $0.12
Based on the performance of XRP against Bitcoin and the US dollar, this cryptocurrency hasn’t accomplished well over the previous months. As for some analysts, the prospects of this altcoin might be worse.
Bagsy, a conspicuous digital asset trader, previously commented that he anticipates the price of XRP to pull down by 35% to $0.12 in the coming months. He also noted that it’s where there’s bygone backing on the charts.
Aside from Bagsy, Joe Saz also commented that XRP is presently “floating in outer space” because of its $0.192 price value. It means that it doesn’t have any prominent support close, and it stays in a very solemn downtrend, which is a dropping channel. Furthermore, it’s also implied that there will be a bearish price deed in the coming days, as well as weeks. This report was according to the Ethereum World News.
Saz is a digital asset analyst, and he’s also a contributor to BlockTV, a trade media outlet.
Saz stated that we might not be shocked to see the cost of XRP retrace to the range of $0.12, which is what Bagsy also said.
Jacob Canfield, another notable crypto trader, previously stated that XRP would have to fall to the range of $0.10 to $0.15 before considering an extended position.
As the mentioned analysts foresee the 35% drop, Jeffrey Tucker from the American Institute of Economic Research stated that the value of XRP would improve on the assembly of deficiencies of the old SWIFT system.
SWIFT or Society for Worldwide Interbank Financial Telecommunications is the present scheme that joins the global banks and permits transfers.
XRP Price Might Jump over 100% – Experts to Explain Why
It was reported that the XRP’s performance against Bitcoin and the US dollar is undesirable in the past months. In the previous year, it also the one which underperformed the leading digital asset by a large margin.
Regardless of XRP’s underperformance, one analyst begins to believe that the price is prepared to leap, and it’s looking to a past trend that specifies that bulls are composed to take over.
Michal Van De Poppe, an Amsterdam Stock Exchange trader, and a CoinTelegraph contributor, previously commented that he thinks XRP might be on the edge of posting 175% gains in the coming months.
De Poppe shared the chart, stating that the price of XRP is prepared for a rally of 175% to $0.50. He said that he thinks the real price action of this cryptocurrency is very similar to the bottoming outline seen in December 2015, as well as January 2016. An immense point to pre-crash points followed this pattern.
The analyst mentioned that if the present trend moves as it did in the recent cycle, XRP will have to hold the price range of $0.14 to $0.17. It might increase as high as $0.473 to 1755% greater than present prices, and it’s expected to be in the mid-2020.
Japanese Banks Interested in Adopting Ripple’s XRP
The standing of Ripple’s cryptocurrency, which is XRP, has been the point of argument for people in the industry. Some think that this cryptocurrency is a scam. On the brighter side, some believe that it’s not a deception at all, like Japan. As per the reports from U.Today, banks in Japan are looking to implement XRP.
The CEO of CipherTrace remarked on XRP and Japanese banks’ involvement. He stated that companies that support government and businesses make digital assets trusted and safe.
As per CipherTrace’s CEO, there are more than 1,600 cryptocurrencies that utilize blockchain. The CEO also shared that most banks in Japan are beginning to work with XRP.
The goal is to cooperate with banks and guarantee that these establishments are on the blockchain technology of Ripple. Moreover, part of the target is using safe global transactions efficiently and quickly. If Japan proceeds to adopt this digital asset, it may expand to different countries.
Moving over, Ripple announced a new financing round for the company’s projects. It was able to raise $200 million from Tetragon, according to InsideBitcoins.