Over the past 2 weeks, the 3rd largest cryptocurrency by market cap has doubled in price pushing $1 from recent post dump lows of $0.45. It’s been a long and uncomfortable 2018 for XRP holders but it seems the floor has been reached and a string of good news stories has led one analyst to give it a bullish price target of $10 – over 10 times what it is now at the time of writing of $0.90. This is why.
In general, the cryptocurrency market has shown strong results in recent weeks. It still is a fact that most, if not all are still heavily pegged to success or failure of Bitcoin. This is partly because it’s the poster boy for cryptocurrency but also because along with Ethereum, its one of the few ways you can buy cryptocurrency after depositing in fiat currency. However, this is all about to change and Ripple will benefit more than most.
Ripple is probably the most rumour linked crypto as it can be linked to almost any financial institution or website that takes money or has commercial transactions.
The latest and most exciting news is that the largest cryptocurrency exchange, Binance has pledged to add USD to crypto assets in the near future. This means users can now purchase crypto directly via traditional fiat money without first having to buy digital currencies. Typically, the process is $ wired to a platform, $ to Bitcoin and Bitcoin sold for Ripple. The direct purchase process means the additional process of using Bitcoin will not be required adding speed, efficiency and ultimately fewer fees to get hold of “lesser” altcoins or tokens
Ripple will benefit as one of the cryptocurrencies likely to be a frontrunner for the dollar pairing.
Many investors are wondering if XRP can reach $1 by the end of the month, likely this week if the trend line continues – something it has failed to do since March 5.
Yoshitaka Kitao, CEO of Tokyo based SBI Holdings, has forecast that Ripple will reach a staggering $10 before the end of this year. Although the $10 figure might seem unrealistic, news such as the announcement that XRP has recently been welcomed on Dutch exchange AnyCoinDirect suggests the $1 mark is attainable.
We covered 5 experts involved in tech and crypto so view this article for their predictions.
XRP has been steadily rising, posting strong charts after the US tax deadline. Ironically, a government announcement has caused a cryptocurrency price to rise. Ripple posted strong results on the back of passing of the US tax deadline on April 17, which had fuelled fears of a sell-off. There had been fears of a large sell-off due to US households owing more than $25billion in capital gains taxes for cryptocurrency holdings.
Experts had warned of tax-related selling before a slow rise in the market shortly after but this dump never really happened but a bounce definitely did showing confidence in the Coin.
Quite possibly various cryptos could be used to hide wealth, avoid traditional tax payments and spread risk from traditional investments. Usually, activity around ISA season sees volatile action on the capital markets at the time of tax return season too.
If we hear of any more developments we will let you know!
Featured image: Descryptive.com