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The cross-border payment market is projected to hit $2 trillion by 2020 according to a recent report by McKinsey. Citing robust growth especially in the Asia-Pacific corridor, the report goes on to say the global payments will swell and even exceed $5 trillion in the next five years. This means at spot prices, Ripple through xRapid need to control a mere five percent for XRP to surge 500 percent.
Read: RippleNet Now Has Over 200 Global Customers With 5 More Using XRP
True, the figures are solid but the truth of the matter is that Belgium based SWIFT, formed by banks and improving to seal loopholes, is still the dominant and a go-to platform for banks. Albeit the advantages fronted by Ripple—speed, efficiency and cost cutting, SWIFT is working to address settlement time and HSBC is trialing a solution that will see transaction time drop to two hours.
On the other hand, Ripple is ramping up. Although partnering institutions prefer xCurrent to xRapid—a solution that leverage XRP for liquidity, the number of companies plugged in to the RippleNet is up to 200. What’s more, two months after launching xRapid during the SWELL conference, 12 more companies including JNFX, SendFriend, Transpaygo, FTCS, and Euro Exim Bank are enjoying the cost and speed benefits of XRP.
Also Read: Kuwait Finance House Confirms Using Ripple Tech. For Cross Border Remittances
Moreover, there has been a spike in use with 350 percent more transactions sent via Ripple from last year. Combined, these are the kind of details XRP holders need to hear as 2019—labelled the year of crypto adoption—unfolds.
XRP/USD Price Analysis
At third, XRP’s market cap is $14.7 billion, $800 million less than Ethereum and up one percent from last Wednesday. Still, XRP prices are ranging within a tight 6 cents limit with caps at 40 cents—the 61.8 percent Fibonacci retracement level and 30 cents and 34 cents on the downside.
Nonetheless, the resurgence from mid-November 2018 cements our bullish stand but until there are solid, high volume gains above the 40 cents-42 cents resistance level, short term bears can drive prices to 25 cents or lower by end month.
The post Ripple Price Analysis: xRapid Needs to Control a Mere 5% of Global Payments for XRP to Rise 500% appeared first on BlockBoard.