Ripple (XRP) Price Analysis: XRP’s Price Turns About After a Brief Spike
Ripple (XRP) is a platform which is based on the open source protocol and is designed to allow quick transactions at a lower cost. It was originally designed as a day to the day payment system, and hence, it is much more power safe than Bitcoin. The users are allowed to use the platform to create their own via RippleNet, which is a network of financial institutions such as banks and money services businesses that use Ripple’s applications and solutions to provide a frictionless experience to transfer money across the globe. XRP acts as a bridge between the cryptocurrencies and the fiat currencies. It uses the Ripple Protocol Consensus Algorithm to verify and validate the users and their transactions.
Current Statistics
XRP coins are being traded at 0.337953 USD on April 11 at 10:44 UTC for its relative MCap trading at USD 14,123,751,459. Based on these stats, XRP is the 3rd largest currency in the crypto market. This is also evaluated based on the circulating supply of 41,792,108,527 XRP coins out of a total supply of 99,991,658,131 XRP and its corresponding 24h volume of USD 1,448,695,099. Coinmarketcap assesses the approximate return on investment (ROI) for this cryptocurrency to be 5,647.25%.
Market Expansion
Ripple (XRP) is a highly volatile cryptocurrency with frequent variations in its trading values and pricing movements. There has been a subsequent rise and falls in the values throughout. The market underwent a dramatic escalation, when the Mcap and the trading price rose from USD 13,122,355,711 and 0.314635 USD on April 02 at 08:44 UTC to its relative value of USD 15,299,762,155, 0.366516 USD April 03 at 08:44 USD and further increased to USD 15,461,157,763 and 0.370382 USD on April 04 at 02:44 UTC. The values increased by 17.82% in 02 days. However, the cryptocurrency’s price value fell sharp on April 05 at 01:44 UTC by 10.53% and peaked by 12.30% by 10:44 UTC. The current value has decreased from its peak values by 9.47%.
Price Prediction
The volatility of the cryptocurrency will affect future price estimation immensely. However, Crypto analysts have forecasts the values of the cryptocurrency to increase between 0.55-0.66 USD by the end of 2019. Further increase in the price by 1780.96% is expected by the end of 2020, with the price reaching around 6.5-7.5 USD. By the end of 2024, the price of XRP is likely to reach around 2.1000 USD further.
Conclusion
The current market trend points in favor of the sellers. XRP’s fluctuating market will work out advantageous for traders with short term investment plans. Foreseen future price of XRP will be achievable once its volatility ceases, thus increasing the long term profitable returns.
