CoinGecko recorded the beginning of a bullish trend on XRP by analyzing the trades of the last days. They truly break all records - the trading volume amounted to more than $ 14 billion. The capitalization of the token also reached unprecedented volumes in the fall of 2018, amounting to $ 22 billion. According to Coinmarketcap, 30 new whales entered the XRP market, and the number of wallets increased to 10 million. Experts are sure what XRP has undefined every chance of hitting the $ 1 price, and a long-term bull rally awaits this cryptocurrency. Are the optimistic forecasts for the token justified?
XRP harnessed for a long time but went fast. The token could not overcome the $ 0.30 mark for a long time but coped with this task in early August. FxPro analysts believe that there are objective reasons for such aggressive growth, and they consist not only in the oversold of the asset but also in the change in US legislation regarding commercial banks. The new bill prohibits blacklisting legal industries, which also falls under the definition of Ripple. After all, they solve the problem of the speed and high cost of bank payments, fulfilling all the necessary conditions of the regulators.
The company is expanding dynamically, and this also contributes to the increase in the price of its tokens. ODL Ripple, the payment service used by the company, is becoming more and more popular due to its convenience and lack of need to convert fiat to cryptocurrency. Many large undefined clients using it are also using XRP, increasing the liquidity of the token. These clients include companies like MoneyGram, Viamericas, and Azimo. The company also plans to expand the service towards the Indian market with XRP as its underlying asset. ODL's growth also contributed to the success of its other product, RippleNet, which processed more than 2 billion transactions in three years. XRP accounts for 20% of this volume in ODL payments.
Some experts associate the rapid growth of the token with the growth of Bitcoin, which, like the US dollar, due to its dominant position in the digital asset market, sets trends for other currencies. A pattern has long been noticed - when Bitcoin grows, altcoins also grow. Since Bitcoin is also predicted to have a long-term bullish trend, the top altcoins are expected to follow. Nevertheless, with the too rapid growth of Bitcoin, its price corrections periodically occur, and this is also reflected in other cryptocurrencies, and even more so. undefined than on itself. The analyst at Credible Crypto expects the token to grow a hundredfold and expects to see a level from $ 25 to $ 30.
However, Brad Garlinghouse, CEO of Ripple, urges the audience not to view their token in relation to Bitcoin. After all, the two cryptocurrencies have completely different goals and ideas. Bitcoin is the preferred investment option, while XRP is more suitable for payments due to its excellent speed, scalability, and relatively low transaction costs.