Ripple (XRP) Price Prediction and Analysis: XRP to hit $334 in next 3 years? Positive price movement, Sun May 20
Bitcoin's influence on the market
Bitcoin dominance in the cryptocurrency market equals 37.1%. The BTC/USD price movement looks rather positive, which may suggest a short bullish market among most of the currencies. The price rose significantly from $8183 to $8372 and it looks like it may try to attack the $9000 mark in next week, which will also impact other cryptocurrencies.
Important Ripple News
Ripple has been recently targeted by the SEC. In order to distance the XRP currency from Ripple company, they are considering changing the logo: „The XRP Symbol is an open-source project that started after I realized that XRP was using an ISO 4217 currency code and not a symbol or currency sign. Other cryptocurrencies like Bitcoin were given a symbol that was added to the Unicode Standard, the symbol for Bitcoin is 'B'… I believe that XRP should be treated just like any other currency.“
„Because XRP does not currently have its own symbol or logo, the currency is often associated with Ripple’s trademark,“ Guzman wrote. „Because of this, many people believe that XRP is a product of Ripple, and even go as far as to call XRP ‘ripples.’“
XRP Price Movement Analysis
We can notice that the chart is heading upwards with high price amplitudes and spikes. XRP jumped in matter of hours from $0.659299 o $0.685242 and then broke $0.69 mark. Looking at the XRP price chart wider, two weeks ago it was fluctuating at $0.8 region, therefore the current positive direction may indicate that XRP may be getting back to that price in next weeks.
Ripple Price Chart (XRP/USD), May 20:
There were some few notable brave estimations recently for Ripple and XRP price worth mentioning. Few experts believe that Ripple could reach $334 per XRP in 3 years.
Wide mainstream adaptation
The main target of Ripple to is solve problems that banks have to deal with. Therefore, the potential financial market is very huge and institution which would be interested in Ripple go from small financial companies to banks and governments. The current SWIFT system is not ideal, there are long transaction times and high fees. Ripple plans to solve all this by reducing at least in a 40% the inefficiencies of the 24 trillion dollar market. Ripple could get easily at least 10% out the $24 trillion market once implemented its solutions, and another 10% just in fees. Ripple would be getting then at least $4.8 trillion of income, which is enough money to significantly impact the coin's worth.
Another thing, which could impact the price is the coin burning strategy. Currently, most of the people just assume that Ripple would never be inclined to burn coins, but as a matter of fact, Ripple is likely to deploy a coin burning in the long term.
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