It's only the second day of the year, and the price for XRP has already reached the previously forecast level of $2.
In fact, Ripple even overtook Ethereum and took the second place in the rating of cryptocurrencies. Its market capitalization is about 90.2 billion US dollars. What will happen with the Ripple price next?
Overestimating the potential of XRP, we became interested in what conditions are necessary to achieve the price of $10. The answer is amazingly simple:
- Significant increase in trading volume XRP
- Media Attention
- More payment corridors (preferably in XRP, although all new corridors increase the potential of cryptocurrency)
- More use cases outside the financial industry
Is it possible that all these criteria will be met? We believe that yes.
Think about how much XRP volumes will increase if Coinbase will add this currency to its base. Coinbase is often the entry point for new investors (at least in the US).
When Litecoin was added to Coinbase, its price doubled within a week. Then, within the next several months, the price for LTC rose from $ 15.00 to $ 92.00.
Also, the trading volume of XRP is increasing. Last month, the total amount of transactions increased by 1.428%. Such demand even without listing on Coinbase speaks in favor of the fact that it is much stronger than expected.
Broad media coverage is also not a problem. The Guardian, The Wall Street Journal, Fortune, Forbes, Quartz, and Yahoo! Finance - they all have written about the Ripple.
As for the payments corridors, Ripple is keeping it secret for the time being. We do not know when and where the next corridor will be formed. Nevertheless, we can reasonably expect that the success of newly formed Ripple corridors - one across the Atlantic for the American Express Company (NYSE: AXP) and one of India to Singapore for Standard Chartered PLC (LON: STAN) - will lead to the emergence of new corridors.
Finally, the development of non-financial precedents. We assume that investors have no idea that Ripple can be used not only for the transfer of money but for anything that has a particular value. Ripple CEO Brad Garlinghouse said in a recent interview that he wants to focus on these alternative uses in 2018.
Information Source: CoinMarketCap