Ripple (XRP) seems to be bent on moving away from the bearish pressure though it had a slow start to 2020. If we look at the shorter timeframe, yesterday it shows that the price was…
Ripple is a privately owned company located in San Francisco, US. XRP is its native currency. XRP ledger is an open-source, decentralized cryptographic ledger that is powered by the peer-to-peer network. XRP is a bridge currency that functions as a cross-border payment liquidity source for payment providers and banks to facilitate transactions between different kinds of fiat currencies.
The price crash of XRP was an important event of 2019. However, it is going to remain bullish for the long-term, and the primary reason behind this is the wide-adoption. Ripple recently announced that its technology solutions would converge into one stack in which XRP tokens are going to play a functional role.
Ripple has confirmed that it has signed 300 financial partnerships, which include the renowned names like Barclays, HSBC, Money Gram, WorldCom Finance, etc. The project is getting high interest from the institutional side, and the core team of Ripple boasts a high strategic competence.
2019 was not a great year for XRP, the year started at the quote of $0.35 and ended below $0.20. As the Bitcoin halving event is scheduled in 2020, the market can see a little recovery, which will affect all the coins, including XRP.
Another factor that will decide the price of Ripple is the institutional interest. Additional partnerships with big financial institutions can push XRP price above its previous major high $0.48 at the end of the year 2020.
Roman Gulefi has made a promising prediction for XRP, stating that the number of big projects with XRP is increasing, which is going to increase its price.
Corona outbreak around the world has also impacted the crypto market, so many believe that 2020 is going to be bearish for most of the cryptocurrencies.