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- Ripple’s XRP has risen more than 57% in the past 24 hours to a price of $ 0.73, reaching an all-time high in 2020.
- Bank of America confirmed its RippleNet membership yesterday along with numerous other bullish news.
For a long time XRP has been performing rather below average and the community has been very disappointed. However, after numerous news in the last few days, the XRP price has soared over the past 24 hours by more than 57% to reach a price of $ 0.71. Market capitalization also jumped to $ 31.57 billion, so much so that XRP managed to move Tether from the third largest cryptocurrency in the world already over the weekend.
As we reported yesterday, Bank of America has joined RippleNet, joining a long list of well-known partners such as MoneyGram and Santander Bank. Since the beginning of the year, the rumor mill has been seething with supposedly leaked documents confirming the news. As of yesterday, however, Bank of America has been listed on Ripple’s website as a partner, but an official statement is still pending.
Additionally, Ripple’s payment solutions were praised in a multi-page report by a major think tank, the Official Monetary and Financial Institutions Forum (OMFIF), a think tank focused on central banks. According to OMFIF, blockchain technology, and in particular XRP, offers numerous advantages and improvements over the traditional banking system in these five key categories: speed, security, transparency, cost and risk management and guaranteed traceability.
The report concludes that using SWIFT is a complicated process that can be eliminated and greatly simplified by using Ripple’s on-demand liquidity. This would allow banks to allocate less liquidity to specific services and still shift the same volume of transactions into global payments:
The bank only needs to hold its own domestic currency and have an XRP account, with only the XRP available as needed to meet its largest anticipated payment obligation. The procedure minimizes the number of brokers and their spread markup.
Ripple had already been mentioned in August of this year in another report by the influential “Group of Thirty” as a possible option to replace traditional long-term banking. Members of the group include numerous central bank representatives such as Jean-Claude Trichet, former head of the ECB, as well as well-known figures from well-known companies such as Philipp Hildebrand, vice president of Blackrock.
Additionally, Ripple CEO Brad Garlinghouse said in a podcast that central banks around the world see great potential in XRP and are conducting further research to explore the possibility of issuing stablecoins on XRP Ledger. XRP is seen by some analysts as a “sleeping giant” with great potential.
Can XRP go up to $ 25 or even $ 30 in the long run?
Credible Crypto analyst recently predicted a rally in XRP with a price increase of more than 1,000% at a target price between USD 25-30. In his opinion, XRP has successfully completed a long correction and is now well on its way to starting a new bullish cycle. Advise all his followers not to sell XRP now:
(Relative Strength Index) The RSI tells a story, pay attention. Selling $ XRP is now like selling $ BTC when it was at $ 197, before it hit 20k.
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