Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Citing a strong technical build-up a number of crypto analysts are predicting a price surge for XRP which has been silent so far in the crypto bull run of 2019.
XRP which has since long been trading around $0.40 is likely to show a significant price in the near future. Citing some strong technical build-up for the third-largest cryptocurrency, analysts are predicting a bullish momentum. Last week, the CEO of Sir Gekko Capital Holdings, Gordon Gekko, made a bold prediction for XRP.
Looking at the historical chart patterns and movements, Gekko notes that XRP could surge to $7-$10 in just next 3-6 weeks time frame. Gekko predicts this price surge based on the time and reaction of XRP after hitting the daily golden in 2017.
For you all that didn’t witness 2017 we hit the daily golden cross at .20 quickly over 3 weeks hit 3.50 golden cross 2019 at approx .40 a redo could mean a 7 dollar $xrp in 3 weeks with utility 10 bucks +++
— Sir Gordon (@gordongekko369) May 28, 2019
However, in yet another tweet, Gordon Gekko has re-adjusted his timing from earlier 3-6 weeks to now just 2-4 weeks. He said:
“XRP ok I know I originally said 7-10 bucks per XRP in 3-6 weeks I’m now moving that up to 2-4 weeks.”
Besides Gekko, other analysts are also predicting a surge in the XRP price, although not this massive. Citing the strengthening technicals, popular crypto analyst Cryptomist said that the XRP price could move to $0.51, a 10-15% surge from current levels.
Once more we are testing resistance as reach the appex of the pennant
This looks good, I can only seeing $Btc volatility disrupting this from the first target mentioned few days ago, at 51cents
Use SL loveys x https://t.co/wERjHtp83I pic.twitter.com/zc2zKS84Zh
— The Cryptomist (@Thecryptomist) June 2, 2019
At the press time, XRP is trading at a price of $0.43 with a market cap of $18.9 billion. Another popular analyst Josh Olszewicz mentioned a number of strong technical indicators for the XRP price surge. Josh expects the XRP price to reach $1 in the near time.
1D $XRP (USD)
– 100% bull cloud
– exiting bear PF
– Golden Cross
– minimal VPVR res remaining
– asc tri?
unfortunately, this will likely move up soon 🤮🤮 pic.twitter.com/joRN3CgSLb
— Josh Olszewicz (@CarpeNoctom) June 2, 2019
Ripple Releases 1 Billion XRP
Popular Twitter handle ‘Whale Alert’ has recently tweeted that a whopping 1 Billion XRP tokens worth $435,891,000 were sent into the market from Ripple’s Escrow Wallet.
🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (435,890,999 USD) unlocked from escrow at Ripple Escrow wallet
— Whale Alert (@whale_alert) June 1, 2019
Releasing the XRP tokens from the wallet has been a monthly ritual for Ripple wherein the new tokens are supposedly used in multiple projects. Thus, it needs to be seen if adding liquid tokens in the market could have any positive impact on the price of XRP.
After January 2018, XRP has shown a lackluster performance so far. However, Ripple is continuously pushing its efforts to create different use-cases for the XRP tokens.
Visa Doesn’t See the Need for Faster Payments
Speaking at the recent investor conference in New York, Visa’s Chief Executive Officer, AI Kelly said that he doesn’t see any need for faster payments at this time. Kelly’s remarks come at a time when the global financial institutions are opting for quick payments technology. Kelly said:
“I’m not convinced that these are going to take off like crazy. Does the consumer really need the funds that much faster?”
Kelly expresses the reasons behind his view saying:
“Some of these systems are not as reliable, not as robust and very unfortunately don’t have the same protections. If I now have a dispute with you over it and there needs to be some element of charge-back, how’s that going to work? With great difficulty”.
Well, this could be an opportune time for Ripple and other Visa competitors to push harder and gain an early lead in the payments game. Bloomberg’s finance reporter Jennifer Surane writes:
“Visa’s CEO isn’t buying into the hype around faster payments even though some of its biggest banking partners continue to push the technology here in the U.S.”
On the other hand giants like JP Morgan and MasterCard have already stepped-up the game. Both these giants are mulling ways to provide faster cross-border payments. Moreover, Visa should understand that if they don’t stay up with the changing times, they could soon fall out of the market. Replying to Surane’s tweet, a Twitter user wrote:
* To learn more about XRP coin, Ripple Labs company and their innovative solutions, please check out our awesome “What is Ripple?” guide.