ripple coin price prediction by 2020
(Last Updated On: July 19, 2018)

Ripple coin price prediction by 2020 — Ripple xrp network

Ripple xrp is a real-time, global settlement network that modernizes cross-border payments. It was introduced in 2012. Originally named OpenCoin, renamed to Ripple Labs in 2013 and settling on Ripple coin in 2015, the company behind Ripple xrp network is one of the first five to receive a BitLicense in New York.

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Ripple xrp is headquartered in San Francisco (US) and has offices in New York, London (UK), Australia, India, and Singapore. Ripple xrp network is a privately funded company. Google Ventures, Seagate Technology, Accenture, Bitcoin Opportunity Corp & Standard Chartered are some of the major stakeholders in the company.

Just like top cryptocurrencies, Ripple coin also uses the blockchain technology. However, unlike other cryptocurrencies, Ripple coin is regulated and facilitates fund transfer for banks.

How does Ripple xrp blockchain network work?

Ripple xrp network is different than other cryptocurrency blockchain network. The Ripple xrp network offers three key solutions to customers.

xCurrent –

xCurrent is Ripple xrp technology which eliminates the need for disparate, centralized networks. Instead, xCurrent offers one, connected, decentralized global payments network –built around the (ILP) open source Interledger Protocol — which enhances access, speed, certainty and lowers cost.

Access to the Ripple xrp blockchain network is easy because the global network can be entered at a single point and all participating financial institutions operate on one set of rules, the same format, and standardized governance protocols. The speed of global payment processing is revolutionized by the use of a single carrier; the Ripple xrp network enables banks to transact in seconds instead of days.

xVia –

xVia leverages Ripple technology for corporates, payment providers and banks who want to send payments across various networks using a standard interface.

The Ripple API is a simple Application Programming Interface (API) which requires no software installation and enables users to seamlessly send payments globally -with transparency into the payment status- and with rich information, like invoices, attached.xx

xRapid –

Built for enterprise use, Ripple xrp network offers banks and payment providers a highly efficient, scalable, reliable liquidity option to service cross-border payments.

Transactions using Ripple xrp network are instant — they settle in less than 4 seconds; they are scalable — the XRP Ledger using payment channels can scale to handle over 50,000 transactions per second; low cost — each XRP transaction costs $0.0004 in network fees on average

Ripple xrp network as a global payment system

Not only Ripple is a coin of value, but it is also a payment processing system that is meant to overthrow the current incumbent system serving banks ever since 1973, the SWIFT system. For example, say if you have sent money abroad, you have used a SWIFT service.

SWIFT is an entity with a monopoly on border transfers. Thus Ripple xrp payment network can be said as “SWIFT and the Western Union competitor.”

According to the Ripple CTO ( Chief Technology Officer) Stefan Thomas:

“Ripple provides one frictionless experience to send money globally using the power of blockchain. With RippleNet, financial institutions can process their customers’ payments anywhere in the world, instantly, reliably and cost effectively using just one API.

Ripple is the only blockchain network with real customer. We’ve signed deals with over 90 customers globally and over 75 customers are in various stages of deploying Ripple for commercial use”.

If we simplify it then the main goal of Ripple xrp is to be a global settlement network, a platform to allow anyone to transfer money in any currency to any currency in a matter of seconds. This is an ambitious goal meant to eliminate the use of older systems like the Western Union or SWIFT.

Ripple xrp network is working with some of the biggest financial institutions around the world. Ripple xrp network aims to power the whole financial sector by making instant transactions possible at a fraction of the current costs. It provides a frictionless experience for global fund transfer using the blockchain technology.

In future, it is expected to act as a liquidity solution for the cross-border transactions. Banks and Payment Providers can use Ripple xrp to settle multi-currency transactions to minimize the overheads and break the monopoly of SWIFT which is most prominent international fund transfer payment option hence, ultimately increase in Ripple coin price.

Current international fund transfer system has two major flaws.

  • Firstly, a typical remittance transaction costs $5.
  • Secondly, transfer needs to be planned in advance, since it will take a long two to four days to reach its destination, with many hiccups possible by the multiple third parties in between.

What Ripple xrp network is bringing to the table is a consensus-based ledger protocol that can exchange currency in real time. Ripple xrp network can process 1500 transactions per second, which is huge as compared to Bitcoin or other promising cryptocurrencies as Bitcoins can handle up to 7 transactions per second. Indeed, VISA can handle more, about 2,000 transactions per second, but Ripple uses blockchain.

Therefore, there are other added benefits, most important security. Considering banks in the US alone lose about $10 to $15 billion a year in credit card fraud. Hence, such compromise seems to be quiet reasonable and compelling reasons to buy Ripple coin for futureRipple xrp network acceptance by banks - "ripple coin price prediction 2020"

It is for this reason that Ripple xrp network has been adopted by UBS Bank, Axis Bank, and more than 100 other financial institutions have signed on to Ripple’s blockchain network, and they intend to use it should blockchain technology become embraced hence Ripple xrp price prediction is not a rocket science it will touch the sky

For instance, last year, Ripple network announced the setup of its first interbank global payments group, which included big-name banks like Bank of America Corp (NYSE: BAC), the Royal Bank of Canada (TSE: RY).

Michael arrington ceo of ripple xrp capital fund - "ripple xrp price prediction 2020"
Michael Arrington

Investors like Michael Arrington have also just announced the creation of a hedge fund Ripple xrp capital which will help to increase the credibility, ultimately increasing ripple xrp coin price. In fact, some eastern European countries like Belarus has accepted ripple coin as a payment currency that has also played a major role in recent ripple coin price surge

Ripple coin price prediction by 2020Ripple xrp price chart - "ripple coin price prediction by 2020"

At the time of writing this article, the single Ripple coin price is hovering around 0.70$ and 0.90$ on best altcoin trading platforms, It has decreased a little in mid-April 2018 but coming back on track at the start of May. With that said, there are plenty of optimistic reasons to make a prediction about ripple coin price by 2020.

Over and above, there have been rumors that Coinbase, the most renowned bitcoin exchange, is planning on adding Ripple coin to its list of tradeable cryptocurrency up to mid-2018. Hence, Ripple coin price prediction won’t be too optimistic if it reaches 5$ by 2020.

Besides the adoption of Ripple xrp network by banking and financial institutions, Ripple coin is already third most tradeable cryptocurrency on the best altcoin trading platform. Considering that it is still so relatively cheap, that makes it more attractive to investors who may be intimidated by bitcoin’s huge price tag.

According to Mr. Tomas, money should be fast processed and transacted as fast as data is going around the world. This is exactly what is Ripple capable of. Mr. Thomas further adds:

“Because Ripple XRP has a clear use case. It is one of the largest digital assets by market capitalization. It is designed for use by financial institutions as an on-demand liquidity solution for cross-border payments.

For example, payments into emerging markets can require multiple currency traders — added costs — or pre-funded local currency accounts — which often results in the trapped capital. Instead, payment providers and banks can use Ripple coin to fund these payments on demand, without intermediaries, at up to 60% less cost to settle.”

You must remember that the main use case for Ripple xrp network, as a system for global payments among banks, it may take some time. Therefore, Ripple is more suited to the long-term investor than a speculator interested in quick profits

Conclusion

Ripple xrp network has a definitive edge over current fund transfer system with both real-time transaction settlement and low fees with added security. The average exchange takes 3.5 seconds on the Ripple xrp network today, with a current average transaction fee less than a penny.

Not only, transaction fees much lower to convert from one currency to Ripple coin and back, but transfers take a maximum of 4 seconds to execute and verify, and on top of all Ripple xrp coin uses Blockchain which provides an extra layer of security. Given its advanced technology and reliable infrastructure, and adoption of Ripple xrp network as a payment network. Hence it can be predicted that Ripple coin price will increase 2x to 10x by the end of 2020.

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Hello, I am HarshVasistha Btech(IT) from New Delhi, India. I am the Owner and the Author of coinexpansion. Although, I am not a techie but got infatuated with blockchain technology. Hence I commit myself to thorough and in-depth research on the core subject. Coinexpansion is the product of my cryptocurrency learning lust.

Hobbies – An avid reader, compulsive learner, passionate writer, sports addict and obsessed with learning new things and love to decode that stuff into simple and self-explanatory words.
I will do my best to serve my viewers with more pragmatic information about cryptocurrency and it’s associated technology and will try to keep you updated with current events of the cryptocurrency world

1 thought on “Ripple xrp network – ripple coin price prediction by 2020 ”

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