XRP Price Can Hit New All-Time High in 2020 as 750-Day Bear Market Is Slowly Ending

UTC by Tolu Ajiboye · 3 min read
XRP Price Can Hit New All-Time High in 2020 as 750-Day Bear Market Is Slowly Ending
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Market analysts believe that the XRP 750-day descent will end in 2020. As a result, there could be a possibility that the price would jump over $100 before the year ends.

Most of the crypto assets in the market performed reasonably well last year, on average. Considerable price jumps were seen for the top assets even if a correction eventually followed. However, the market’s 3rd most valuable asset, XRP, did not have a lot of glory days. Regardless, it looks like 2020 just might be a great year for XRP price as the long bear market that has lasted 750 days, might be ending.

XRP Set to Rise

Currently, XRP is trading at $0.25. The price, while not exactly encouraging, is higher than previous levels at $0.23. Because there seems to be some general market increase, the asset might not be too different from other top assets. However, its trajectory is worth thinking about.

 XRP has been in a somewhat consistent descent for a long time now. This descent did not break for a long time, even last year when the general market rallied. The descent line has lasted for 750 days, just a little over 2 years. Now, it seems to be breaking and readying itself for a pump.

According to a tweet from @GalaxyBTC, XRP will say “bye-bye to 750 days of [a] bear market” and will begin to pump. If XRP does break the line, there’s a very good chance an impressive bull run could begin sometime in the next few weeks.

XRP Could Hit $145 in 2020

The general outlook of XRP is slowly beginning to change. It’s even possible to put forward the argument that this change already began since last year as Ripple made specific XRP-forward moves.

One of the biggest of these moves is the Ripple partnership with MoneyGram. In 2019, Ripple invested $50 million into the multinational payment company in 2 stages. The investment gives Ripple a near-10% stake in MoneyGram.

Apart from that, the partnership between the two companies shows how much utility XRP has. MoneyGram has stated repeatedly that it is using Ripple’s On-Demand Liquidity (ODL) to handle cross-border transactions. ODL settles these transactions much faster and with very ignorable transaction fees. It uses XRP as a bridge between two fiats, unmistakably increasing XRP’s adoption as well.

Already, Moneygram has said that at least 10% of all its cross-border transactions between the U.S. and Mexico are done via ODL. This is already a big win for XRP as its accolades continue to accumulate.

In addition to MoneyGram, Ripple has partnered with many more financial services firms including TransferGo, Interbank, SendFriend, Mercury FX, TranspayGo, Euro Exim Bank, and others. All of these institutions, now that they are a part of RippleNet, will directly or indirectly help XRP.

This is why some analysts are so bullish, even jumping to a $145 prediction for XRP in 2020.

SBI Holdings, a major financial giant based in Tokyo, Japan, has made an XRP-forward announcement. The company has said that all shareholders will now be able to receive their dividends in XRP, as well as other methods. The new XRP option is however restricted to shareholders resident in Japan.

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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