2019 wasn’t the best year for Ripple, but things are certainly looking up in 2020. From price predictions, to remittance markets, and partnerships, here’s 5 things you need to know about XRP in 2020.
- Price prediction
Many of the analysts interviewed by Blockonomi, predict that XRP will be down substantially in 2020. Alistair Milne, a British entrepreneur and investor, predicts that Ripple will fall to $0.00, or just become obsolete. Safe to say he’s not a member of the XRP Army.
On the other hand, John Isige – a technical analyst at FXStreet, thinks that Ripple could rise to $1. He said, “XRP must correct from the short term downtrend first and then shift the focus to $0.30 … Ripple’s price action in 2020 will largely depend on the movement in Bitcoin’s market. For instance, the 2020 Bitcoin halving event is expected to drive the price to highs above $20,000. The correlation between the assets will impact XRP into a bullish rally and could pull the price to levels above $1.0. However, I still believe $1.0 is a very conservative price for XRP.”
So, there is the possibility that Ripple could see a major upswing in 2020 – thanks to the start of a bull run in the crypto markets, possibly triggered by the upcoming Bitcoin halving. The feeling in the air right now is eerily reminiscent of the early 2017 bull run – here’s hoping for even bigger and better things this time around.
Ripple is hitting the remittance markets hard and fast. It’s already partnered with Bitso, a Mexican cryptocurrency exchange, to bring improved remittance services to Latin America.
Ripple is also targeting the Asia-Pacific (APAC) remittance markets, which does about $2 billion in remittance a year. There’s a massive need for faster, safer, and cheaper remittance services around the world, and Ripple has taken it upon themselves to provide these products.
"A distributed system with no incentives breeds natural alignment among stakeholders to maintain forward progress." –@JoelKatz speaking at Stanford Blockchain Conference yesterday #SBC20 pic.twitter.com/j2wkPbgKLf
— Ripple (@Ripple) February 22, 2020
- National Bank of Egypt (NBE)
Ripple has recently penned a cooperation agreement with the National Bank of Egypt (NBE), enabling members of the bank to leverage blockchain to settle cross-border payments in practically no time at all.
NBE is one of 300 other banks worldwide to partner with Ripple – and the network is growing. Egypt is the fifth largest remittance market in the world, so Ripple has its work cut out for it.
- Deletable accounts
Ripple has proposed an update that would allow users of its distributed ledger to delete their accounts. According to an announcement from CTO David Schwartz, “One new feature proposed in the amendment process is Deletable Accounts and [it] is waiting to acquire and retain an 80% supermajority, before it activates. This feature allows XRPL accounts to be removed from the ledger and recover most of the reserve locked in the accounts for spam prevention.”
The main advantage to this update, is for users to get reimbursement. Opening an account requires a 20 XRP deposit, and those who delete their account would receive that back.
The amendment needs to get 80% approval from validators over the next week or so to be activated – the community can give feedback in the meantime.
Ripple expecting major growth this year
Finally, in 5 things you need to know about XRP in 2020, is Ripple’s growth. Ripple is expecting enormous growth this year, with CEO Brad Garlinghouse announcing at the end of 2019 that they expect transaction volumes to grow by 600% in 2020. They’re also anticipating the customer base to grow by 30 – 40%. These targets aren’t actually unrealistic – in October 2019, Ripple reached an incredibly high transaction volume, and they’ve signed more than 300 partners with RippleNet already.
Ripple currently employs over 500 people worldwide, and it has plans for further expansion – particularly in Latin America and the APAC region.
2020 could be a big year
When we look at 5 things you need to know about XRP in 2020, it looks like this year could be big. From price gains, expansions in the remittance market, major growth, and burgeoning partnerships, things are looking good for Ripple. It’s become the partner of choice for traditional financial institutions, and it really seems like success is just around the corner.