Ripple (XRP) Price Analysis – Investing in XRP for 2020 and the Long Term
Ripple (XRP) Price Analysis: In this article, we will be talking about XRP, the cryptocurrency ofRipple, and its price predictions for 2020 and the long term.
According to CoinMarketCap, XRP is the third largest cryptocurrency by market capitalization. Currently, its market cap is estimated at $8 billion. There are 44,089,620,959 XRPs in circulation, and its current price is in the range of $0.185 per unit.
Created in 2012, XRP was developed by Ripple with the aim of increasing transaction processing speed. Its network supports up to 1500 transactions per second, far beyond the maximum of 4 transactions/second of the Bitcoin network.
Because of this, Ripple has managed to establish partnerships with huge corporations such as Santander, a big Spanish bank, and Moneygram, a money transfer service.
We want to keep focusing on making XRP a valuable payments tool, and that value will increase accordingly.
In the article What is Ripple (XRP), we explain in depth what this cryptocurrency is, talk about the story of its conception, its architecture, and give some investment tips. Check it out if you have any questions about the idea behind this digital currency.
XRP has a very solid technical foundation and offers a very consistent service. That is why this cryptocurrency has become popular throughout the cryptoworld, attracting small and large investors alike.
However, XRP had quite a rocky start. Between 2012 and 2017, its price oscillated between $0.005 and $0.053.
Things began to change with the expansion of the crypto market in 2017, when Bitcoin reached its ATH (All Time High). That year, XRP was worth $0.35 per unit.
But the growth didn’t stop there. In 2018, the market went through the so-called altseason, when the prices of many altcoins reached their record highs. XRP was one of those cryptocurrencies, reaching an incredible $3.17 per unit. Wow!
Ripple’s coin hasn’t been able to achieve similar numbers since then. Its price quickly dropped from its ATH. From 2019 to the present day, it’s been ranging between $0.3 and $0.15 per unit. However, its price still stayed above the values it had between 2012 and early 2017.
Ripple (XRP) Price Analysis – Short and Long Term
Let’s look at Ripple (XRP) price analysis for 2020 and the long term.
Short Term – Ripple (XRP) Price in 2020
The year 2020 has been atypical. The market has been messy due to covid-19. In April, a Black Monday caused the crypto industry to lose almost 50% in value in a single day.
However, the industry has been gradually recovering, XRP included. The cryptocurrency briefly saw its price hit the $0.15 mark but bounced back soon after. This shows the consistency of XRP’s technical fundamentals, and investors’ willingness to hold their positions. At the time of writing, XRP was in the range of $0.18 per unit.
There is still a lot of uncertainty for what 2020 is going to be like. Let’s look at predictions made by three different analytical companies:
This website specializes in trading and crypto market analysis. Based on technical analysis, its perspective is optimistic.
The currency is expected to break the $0,18 resistance and oscillate between $0.19 and $0.28 during 2020. In December, the expectation is $0.22.
This popular investment page makes predictions for ten weeks maximum. For the first half of the year, its forecast is optimistic.
According to these analysts, XRP should overcome the $0.18 barrier and establish the $0.19 mark as a new support but won’t exceed the $0.20 resistance.
Long Forecast is another website specializing in price analysis. Unlike its rival TradingBeasts, its perspective is pessimistic.
According to the website’s technical analysis, the price of the XRP Ripple is expected to lose support of $0.18 during the next few months, falling gradually. By the end of December 2020, XRP price is expected to return to the $0.11 level.
Ripple (XRP) Price – Long Term
There are multiple factors that influence the price of XRP in the long term.
From a broader point of view, its growth will depend on a greater popularization of cryptocurrency as a whole. The number of people who use crypto for everyday transactions, to save value, invest, etc. is decisive. The more people use crypto, the higher the value of the whole industry.
This is linked to the second major factor, which is the ability of XRP to compete with other cryptocurrencies and, eventually, with fiat money (dollar, real, euro, pesos…).
If crypto mass adoption does happen, XRP will certainly be competitive. Its technology allows remittances to be sent anywhere in the world at a negligible cost.
In addition, if Ripple continues to establish partnerships with technology and finance giants, as it’s been doing these recent years, it is likely to further strengthen its position.
For all these reasons, this cryptocurrency currently seems to be a promising investment opportunity.
Conclusion: Ripple (XRP) – a long term bet
As we have seen, there are still some uncertainties regarding whether Ripple is a worthwhile investment opportunity or not in the short term.
Some analysts believe its price will rise, especially after the reopening of the world economy in the coming months. However, there are also some skeptical opinions about the currency’s growth prospects this year.
However, in the long run XRP has all the elements to succeed: innovative technology, consistent design and the support of big investors.
If you want to exchange XRP, you can always count on Cripto InterCambio. We offer easy access to XRP and over 100 other cryptocurrencies, with high speed, anonymity, and the best quotes on the market. See you soon!
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