The cryptocurrency “bubble” during the December-Jan’ 18 created many optimists and pessimists. It also increased public awareness in decentralized technology and the wonders it can provide. Cryptocurrencies like Ethereum and Ripple caught investor’s eye, not primarily because of their price but because of their technology and how it can disrupt existing industries. Ripple created its token named XRP and is traded in many cryptocurrency exchanges.
Ripple has partnered up with major financial institutions to deploy their products and services which include xRapid, xCurrent and xVia.
How can XRP reach 500?
First of all, it’s important to note that Bitcoin [BTC] took less than 7 years to reach ~$20000 from $0.005. However, unlike Bitcoin, XRP has a real-world application. This suggests that Ripple has the ability to break the threshold which was previously set by its all-time high at $3.2.
Ripple enthusiasts believe that XRP could reach the set milestone for the fact that Bitcoin was able to rise from $0.003 to $20000, in comparison to XRP that will be widely adopted. The introduction of xRapid, a product by Ripple will use XRP to its full potential. It’ll drive up the value of the XRP tokens due to increase in demand and limited supply over time.
Major Financial institutions have backed Ripple and will be using their products to initiate transactions of foreign funds. With the help of XRP, they’ll be able to transfer foreign funds without the need to keep foreign reserves. It’s also cost effective and time efficient.
An Optimistic XRP community member cites,
“For all you mofos laughing at a $10-$500 XRP price predictions; BTC used to be $1 a long time ago. Bitcoin is used for nothing but trading on exchanges, XRP is about to be used by hundreds, thousands of banks & financial institutions.”