Cryptocurrency News

Will the Price of XRP Be Able to Reach $ 692 in 2020?

As per insights, the daily volume of international payments is nearly 10 trillion US dollars, with 5 trillion being handled by the SWIFT international payment system, which was designed in 1972. However, there are still many banks using obsolete 40-year-old software. Cross-country bank accounts hold $ 27 trillion in cash.

If most of the cross-border payments made by banks with a value of 10 trillion will flow through the Ripple solution, XRP can strengthen up to 2000%. With such a price level it will increase the market capitalization of XRP coins to $ 27 trillion. This means reaching a price level of around $ 692. There are too many factors to consider, some of which will be discussed below.

Although the price of XRP is now hovering between 25 and 30 cents a dollar, the picture may be delusional. It’s possible that XRP gained traction thanks to the failure of another project, closing the wave of unnecessary laughter by some BTC or DPoS fans. That’s why skilled traders don’t neglect XRP.

Economic problems in the US, fiat money inflation crisis, and the development of the internet, all provide opportunities for alternative methods to find the best payment system. Bitcoin, which used to be worth less than a dollar, is now worth more than $ 8500.

While receiving good ratings from Fortune magazine and constantly adding more banks to its network, Ripple Labs works as a software provider as a virtual system to replace the physical infrastructure of the clearinghouse. While the blockchain itself does not directly depend on the company, Ripple Labs controls more than 50% of the money in circulation.

Ripple only eliminates the physical office clearinghouse and proposes using servers in a decentralized network of banks-validators. Ripple does not facilitate PoW or PoS, but adds a new consensus algorithm to the playboard.

After some time the coins can fall under different circumstances. The only reliable way to get a ‘clean’ coin is to receive it as payment for a legitimate job or buy directly from miners. You have to be a crypto shark with a rich past to do it.

Ripple chose to take another approach. They minimize the risk of token holders by offering their payment settlement layer to the bank. This company offers two products that work on the same blockchain. One product is the settlement layer that is used exclusively by banks to facilitate transactions between banks. Banks can send many types of virtual assets, or even gold, using the Ripple system.

Ripple aims to provide fast, cheap and reliable blockchain payments to banks, funds, custodial services and other financial institutions. These institutions oversee client funds and determine for themselves the ‘dirty’ money. Then, when net payments and tax compliance come into the Ripple network, it doesn’t need to be ‘checked’ via Chainalysis or Crystal Blockchain.

Anonymous payment is of course possible on the network thanks to XRP token transactions. The second layer of the Ripple blockchain is a token that is freely available to most users to transact. Payments must be anonymous and do not require KYC. But thanks to the low price and B2B orientation in the first layer, XRP still should not be used for various types of scammers, drug traffickers, and money launderers.

At the same time, he can join Libra, TON, and other projects in the movement to establish a private money infrastructure. It can take a piece of cake from a classic international money transfer system.

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