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ripple price reduction

The world’s top cryptocurrency exchanges generate $3 million of daily profit. Annual revenue of the exchanges reaches billions of dollars based on daily trading volume and fees listed. While the sustained profitability of the current top ten exchanges remains unknown, cryptocurrency’s price volatility certainly affects trading volumes and revenues for the exchange platforms. Increases in the number of listed cryptos will likely help crypto exchanges remain competitive and profitable.

According to real-time data from Coin Market Cap, there are currently 2,093 cryptocurrencies available in the market with a total market cap of $130 billion. Bitcoin still dominates the market with 52 percent, followed by Ethereum and Ripple. However, after crypto bubble burst last year, all three of them are down: Bitcoin was losing almost -75% of its value, while Ethereum and Ripple have plunged has plunged over -88% and -50% respectively. With least devaluation, Forbes predicts Ripple could become the most dominant token in 2019. Some experts even project that Ripple will overtake Bitcoin by 2030.

Selling Point of Ripple

Ripple’s protocol was created for the first time in 2004. However, only in 2013, the technology started to widespread, as the creator of the EDonkey network Jed McCaleb promoted investment in Ripple Labs to high-end investors.

Unlike other cryptocurrencies, Ripple targets banks and international payment systems as its audience. The cryptocurrency is meant to be decentralized, as Ripple Labs are holding over 50% of the entire supply. Ripple’s notable first investors include Google Ventures and Andreessen Horowitz. In 2015, Western Union decided to experiment with Ripple followed by the Commonwealth Bank of Australia. To current date, Ripple claims to have 200 banks and payment providers on its RippleNet network, including Japan’s Mitsubishi UFJ Financial Group and Standard Chartered.

Last February, Coinbase added Ripple to its platform for its Coinbase Pro users. “XRP trading will initially be accessible for Coinbase Pro users in the US (excluding New York), UK, supported European Union member nations, Canada, Singapore, and Australia,” stated Coinbase on its blog post, adding that other jurisdictions may be added later. It becomes one of 19 cryptocurrencies listed in the trading platform.

Price Prediction of Ripple

Despite the recent development, Investing Haven website publishes Ripple’s performance in recent years and predicts Ripple price to hit a historical maximum of $20 this year.

rippe price reduction

Furthermore, cryptocurrency exchange CoinSwitch foresees Ripple to give tough competitions to other currencies like Litecoin and Dash. “It is likely that by 2020, Ripple’s partners like American Express and Lian Lian Group might be officially linked to complete Chinese card payments,” states CoinSwitch.

GlobalCoinReport predicts Ripple’s price by estimating its market cap growth. It currently stands at $20 billion. “In case the currency marks $29 billion for market cap and we divide the coins in circulation, it could make it possible for Ripple to hit $10-$15 price easily,” says the GetEx.com report.

JPMorgan Releases Coin, Direct Threat to Ripple?

As the trend of Ripple’s price surging, in mid-February JPMorgan Chase & Co. released its stable coin JPM Coin. The company explains that its clients later will be able to use the coin for cross-border payments. On its official statement, JPMorgan explains that JPM Coin is currently a prototype and will be tested by a small number of JP Morgan’s institutional clients.

Some experts see the coin is a direct threat to Ripple, as its target market is also cross-border payments and remittances. However, CEO of Ripple Brad Garlinghouse dismisses the likelihood of adoption JPM Coin. He also questions the coin’s usefulness, wrote CoinDesk. “But I think it’s great to have major financial players like JP Morgan leaning in,” he adds.

On his earlier LinkedIn post, Garlinghouse criticizes the whole idea of bank-issued digital coin whole. He noted that more banks following the trend would lead to an even more fragmented currency landscape.

He also showed his skeptical view of the potential competitor at the Chamber of Digital Commerce’s D.C. Blockchain Summit in Washington. “This guy from Morgan Stanley was interviewing me, I said ‘So, is Morgan Stanley going to use the JPM Coin?’ And he said ‘probably not.’ So, well is Citi going to use the JPM Coin? Is BBVA? Is PNC? And the answer is no,” Garlinghouse explained.



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