XRP breaks resistance level by registering almost 60% growth in less than a week. Including XRP whole crypto market having bullish run in November month this year and expected to stay little longer. XRP previous maintaining average price of $0.24 USD and now XRP is very close to reach $0.50 USD mark. We know bitcoin is very close to break its previous record of all time high by crossing $20k USD. But as of now XRP still having decent run comparing 2018’s all time high record. Recently XRP regain its 3rd spot of having highest market capitalization in blockchain project list.
Why XRP is Going Up?
Basically, whole market is soaring, as it was started with Ethereum and now along with Bitcoin top key project like Chainlink, Polkadot also joining the party. Digging out crypto market history, there are few breakout growths ever since 2017 in that we conclude that, if Bitcoin continue to go up then other projects also behave similar. However, it is very difficult to find out exact reason but most of token or coins always pair with BTC on centralized or decentralized exchange platform. so, knowing fact XPR that patterning with banks, payment system also part of Bitcoin price performance. now, below we find out some expected reason that probably behind XRP price surge.
Top 5 Reason to Watch
- Rise of Decentralized Finance: in 2020 we have seen rise of DeFi Era, where financial structure resigned. Crypto industry successfully develops financial services like finance, loan without ay involvement of any central entity. Recently thousand of project has launched that offers highest return on investment for yield farming or providing liquidity. however, DeFi craze continue as million worth market cap started swapping from ETH, as most of project based on Ethereum Network. as this reason may applied on whole market but this could be the on the reason behind surge of XRP price.
- Partnership with Banks: some of you might heard about story between Ripple and SWIFT and how rival become partner. Recently, sources claimed that most awaited upgrade of XRP network from SWIFT bank was pending, but as per SWIFT announces it was likely to complete before 2021. However, considering that Big bull may suddenly invested big amount on the project and that’s must be another reason to watch. Since 2018, XRP now partnering with numerous bank some of them already worth billion dollar in market cap. Bank of America, MoneyGram, Standard Chartered, American express already using XRP network for boosting cross border payment speed. in future, probably bigger bank will be added and that may be increases growth of transaction on XRP network.
- Airdrop Flare Network’s Spark Token: XRP holder expected to receive free Spark Token once network will go live. Flare Network published report about holding of XRP in XRPL account that approximately nearly 300 million. Flare Token worth is not disclosed yet but many XRP supported already receive token in their wallet. However, 45 million Spark tokens will be available for claiming, as ratio it not disclosed but as per official portal 1 Spark token will receive for 1 XRP.
- XRP joined Payment Gateway: Payment gateway across and merchants started accepting crypto as payment on their offline or online store. XRP offer payment integration for business, store and company around the globe. however, it simply allows user to spend or receive using XRP coin and it will save huge transaction charges with faster approval time.
- US Election: Ripple is non-profit united states-based payment company, where head office located in San Francisco. As being developed in US and election Joe Biden secure win over trump. However, many top analysts believe that Biden win may be the reason why Crypto soaring.
XRP is now gaining momentum and expected to hold 3rd position for longer term. XRP all time high i.e. $3.84 is still very hard to reach as per the current scenario, as many investors still wonder why XRP price not pumping even they are getting new investor and partner. However, analyst believes that Bitcoin short supply can increase demand of XRP because of trust and speed advantage. Following that success, XRP may surpass its all-time high price in year 2021. XRP is now one the popular payment processor and network keeping upgradation as per requirement.
We have collected data from various sources and however we still suggest you to do your own research. Investing in crypto is still risky, as we provide prediction based on price history. And we can’t completely rely on the prediction based on past performance.