XRP seems to continue to increase its growth rate and is starting off the new year with a bang. The currency keeps pushing numbers and has grown to at the price of three dollars and is currently sitting at a price of two dollars and ninety-one cents.
It looks like it’s certainly going to be surpassing and staying around the price of three dollars this week.
Ripple, the company behind XRP, is an interesting one, it’s catering primarily to banks, and is undoubtedly centralized.
So, why all the love for XRP, its coin? It seems it is because the company is taking action across the board and continuously making headlines as it meets with existing banks and players in the market.
Will XRP hold forever and continue to grow? Based on this momentum, it seems so.
The Ripple Momentum
Ripple was under the radar for many investors just a few weeks ago; many didn’t think that XRP would grow to new heights, they thought that it would stay at the prior level, under a dollar. There were those who thought that XRP would float primarily around the price range of twenty-five cents but this is certainly not the case today.
People felt that the price of twenty cents was overpriced, imagine their surprise when the coin continued to grow and hit the price of a dollar over the past weeks. Then imagine their astonishment when it has hit two dollars and continued to rise to three dollars?
If everything works out correctly, the structure is correct, and Ripple continues its partnership with the current banking system it should continue to see the price grow. The banking system processes a gargantuan amount of transactions per day, saving an upwards of 20% in transaction costs can truly add to their bottom line. Is there any real reason as to why banks wouldn’t want to save money?
To XRP or not to XRP?
That is indeed the question that many banks are asking themselves today. They are, of course, utilizing the assistance of Ripple to implement distributed ledger technology to minimize overhead and other aspects, but will they utilize Ripple’s XRP? That remains to be seen.
If banks are looking for a long-term solution that will minimize their costs, be reliable and stay at a specific price, will they go with XRP, something that can fluctuate easily? With XRP being somewhat volatile at its current stage banks may wait a while to implement it or might look for another solution.
But that’s all long-term thinking. At the current moment, the momentum is high, and investors in various countries can’t seem to get enough of the currency as they announce news, it will certainly surpass three dollars.
It seems to be flying to the moon.