Ripple (XRP) price could soar to $20 after its transaction network became the preferred way to complete international payments on the blockchain.
Ripple (XRP) continues its upward trajectory for the third day in a row, amid analysts’ expectations that it may pave the way for a new wave of increases that could push it to unprecedented levels. Crypto analyst Armando Pantoja shared his expectations that the XRP price could record new highs in the $8-20 range during the current bull market cycle, given that the XRP transaction network has become the preferred option for completing international payments, especially since international money transfers through traditional financial institutions are known for their high costs.
These transactions can now be completed instantly using XRP, and the launch of Ripple Labs’ new stablecoin RLUSD has ushered in a new era where these transactions can be completed on the XRPL blockchain at a negligible cost. Pantoja believes that the limitations of the Bitcoin transaction network — acknowledged by prominent crypto supporters like Elon Musk — could provide its XRP counterpart with the opportunity to become the most efficient and established blockchain for facilitating peer-to-peer (P2P) digital payments.
So, if Bitcoin were to be replaced by Ripple not as a store of value but as an ideal transaction network for international payments, its market cap could rise to close to Bitcoin’s current $1.92 trillion, which, when divided by the current circulating supply of 57.41 billion XRP coins, would be worth $33.44 per XRP coin, giving its current investors a 14x gain compared to its current value of $2.41.
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Analyst Expects Ripple Price to Reach $8-20 Range During Current Market Cycle, Can It Reach $100 After That?
Analyst Expects Ripple Price to Reach $8-20 Range During Current Market Cycle, Can It Reach $100 After That?
XRP/USD
-0.02%
Cryptonews - Ripple (XRP) price could soar to $20 after its transaction network becomes the preferred way to complete international payments on the blockchain.
Ripple (XRP) continues its upward trajectory for the third day in a row, amid analysts’ expectations that it may pave the way for a new wave of increases that could push it to unprecedented levels. Crypto analyst Armando Pantoja shared his expectations that the XRP price could record new highs in the $8-20 range during the current bull market cycle, given that the XRP transaction network has become the preferred option for completing international payments, especially since international money transfers through traditional financial institutions are known for their high costs.
These transactions can now be completed instantly using XRP, and the launch of Ripple Labs’ new stablecoin RLUSD has ushered in a new era where these transactions can be completed on the XRPL blockchain at a negligible cost. Pantoja believes that the limitations of the Bitcoin transaction network — acknowledged by prominent crypto supporters like Elon Musk — could provide its XRP counterpart with the opportunity to become the most efficient and established blockchain for facilitating peer-to-peer (P2P) digital payments.
So, if Bitcoin were to be replaced by Ripple not as a store of value but as an ideal transaction network for international payments, its market cap could rise to close to Bitcoin’s current $1.92 trillion, which, when divided by the current circulating supply of 57.41 billion XRP coins, would be worth $33.44 per XRP coin, giving its current investors a 14x gain compared to its current value of $2.41.
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There are other favorable factors that could accelerate the gradual adoption of XRP as the preferred blockchain-based currency for international payments: Ripple’s US-based headquarters adds to its credibility as it is subject to the supervision of established regulatory bodies.
Donald Trump’s victory in the November presidential election and the expected wave of support from crypto-friendly lawmakers who are expected to take seats in Congress soon could lead to comprehensive legislation for the sector soon, which are catalysts that could boost the value of Ripple’s services in the foreseeable future, as the market responds positively to these developments, with XRP providing its investors with gains of 238% compared to last year.
XRP looks set to surge to new highs
Following the three-day bull run, the XRP/USD price chart looks promising, with many traders rushing to take advantage of the opportunity to retest the $1.95 support level again to buy the currency, especially since it is the third time the price has touched this support level, which represented a strong buy signal that confirmed that it enjoys a strong support level.
Meanwhile, the Relative Strength Index (RSI) reading crossed the middle zone, implying a buy signal, and XRP trading volumes increased yesterday and settled at a 12% increase today, amid these positive developments indicating the possibility of a new wave of gains that could push the currency’s value to reach $3 or more soon, especially since XRP’s value gained 10.7% in the last 10 days and provided a remarkable gain of 15.8% since the beginning of the year.
Finally, with the expected legislative amendments being passed and the wave of gains extending to include altcoins and other positive catalysts, it seems that XRP is now ready to take off and record new highs in the foreseeable future.
Analyst Expects Ripple Price to Reach $8-20 Range During Current Market Cycle, Can It Reach $100 After That?