Today I am going to talk about Ripple (XRP) and if it is going to cross the hundred dollar.
Firstly, we have to look at what is actually stopping XRP from going that 3 digit amount. The recent price of XRP which is around $0.47. To touch a 100+ Dollar market it will have to take a ridiculous amount of effort not just for Ripple traders but also for the community. And the thing that is stopping Ripple from touching ridiculously high number is SWIFT.
For those who don’t know SWIFT, SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. It is basically the defector standard when it comes to transferring money worldwide. Currently it transfers approximately 5 Trillion dollars everyday. If you do the math, it transfers 1.25 Quadrillion a year. It’s not SWIFT’s money just let you know. It is basically transferring money worldwide. And this is where Ripple wants to come in. Ripple wants to be the next defector standard when it comes to transferring money. And it is doing things with three services. Which are:
- xCurrent
- xRapid
- xVia.
xVia is not out yet. While currently they only have xCurrent and xRapid. So, you can see SWIFT is being a very big competitor for Ripple. And another thing is that SWIFT currently has 11000+ financial institutional partners work with it. But Ripple has around only 133. So, you can see Ripple has a long way to go. If anybody was says out there that it is going to touch 100+ dollar in this year. It is not most likely going to do so.
It’s going to take really really long time. Well, how is it going to do that ? How is the price of Ripple (XRP) be going to touch that very large amount of value? Well, the first thing that they are going to do is getting a lot of large banks involve with them. Ripple already has lot of big banks involved with them. But that number has rapidly increased. And not only that, a lot of banks of which are recently involved with Ripple network use xCurrent. But it needs to move from xCurrent to xRapid . For those who don’t know xCurrent is the platform basically the flagship service which allows financial institutions to transfer money worldwide. But it does not use XRP . While on the other hand xRapid does generally does the exact thing but uses XRP. So, the more financial institutions that begin using XRP, it means that the price of XRP slowly and gradually will grow with a number of more users coming in .
So the price of XRP to increase in the up-coming time, it does not really need to invent something crazy or do something big. All we have to do is wait for more financial institution to start joining Ripple’s network. As soon as they join xCurrent platform they will start perceiving that xRapid has very much better way of transferring money worldwide because they use XRP. And as you guessed it, the more people start using XRP especially Financial Institutions, the price of XRP will increase tremendously.
Now, to finally answer the question. Will the price of XRP ever cross the 100$? I’m not gonna say Definitely Yes or Definitely No. It’s more like Maybe Yes or Maybe No. And personally I think that not this year and maybe not even in the next year. Maybe after 3 to 5 years from now, the price of XRP will increase and reach it’s new all time high. Maybe it will cross that $100 mark.
In the cryptocurrency world, anything can happen. But giving an definite Yes or definite No, I think it’s really a bad decision. In fact, Ripple CEO himself said that if you truly want to see Ripple’s (XRP) potential, you’ll have to wait for somewhere around 3 to 5 years. So, if anybody is saying that it’s gonna touch specific mark, $100 or $200 or whatever. I don’t think you should believe that. I think if you truly believe in XRP’s potential you should hold it for at least couple of years, if you truly want to get massive amount of profit.