Ripple (XRP) has been the third-largest cryptocurrency by market cap for the past few years, thanks to its unique technology and business model. While other crypto projects have been focused on providing services to retail investors, Ripple focused its creativity on providing services to financial institutions.
Its technologies like RippleNet and the digital coin XRP, are now used by hundreds of financial institutions around the world to carry out cheaper and faster cross-border transactions.
Trade Ripple to US Dollar - XRP/USD CFD
By playing such an essential role in the crypto space, we must keep in touch with the latest Ripple news in spring 2020.
Some of the latest Ripple XRP news that you may have missed
In the first three months of 2020, the crypto sector has experienced interesting developments, and Ripple is not left out. There have been several developments within the project’s community that are likely to affect the cryptocurrency’s performance in both the short and long term.
When it comes to Ripple coin news, we need to first look at the cryptocurrency’s adoption rate. XRP remains one of the most highly used digital coins around the globe, thanks to the Ripple technologies gaining widespread adoption from financial institutions worldwide.
On 6 February, Ripple partnered with Azimo, Europe’s leading digital money transfer service. The partnership sees Azimo using Ripple’s On-Demand Liquidity solution (ODL) to send faster and cheaper cross-border payments to the Philippines. They are also planning on expanding the market beyond the Philippines before the end of the year.
The partnership between RippleNet and Coinone has been yielding positive developments for the cryptocurrency in South Korea. Moreover, the success has seen a few other remittance companies in the country adopt Ripple technologies for cross-border transactions. Sentbe, a money transfer service provider, is adopting Ripple technologies to offer an easier, faster, and more convenient way to transfer money abroad. They provide remittance services to South Korean residents sending money to the Philippines, Indonesia, Vietnam, Japan, and China.
BRD, one of the fastest-growing consumer crypto wallets in the world, with more than 3 million users across the globe, added support for XRP in February. According to the company, the support will first come to iOS users, followed by Android.
In Zimbabwe, the government is working on regulating activities in the country’s cryptocurrency sector. The Reserve Bank of Zimbabwe recently revealed that it is working on creating a regulatory framework to check operations of firms that deal with cryptocurrencies.
Over the past few years, cryptocurrencies have gained a substantial holding in Zimbabwe due to the high inflation rate affecting the local currency. In terms of adoption, several cryptocurrency projects believe this African country will be one of the first nations to achieve massive usage of digital currencies.
In Russia, things are looking a bit grimmer for cryptocurrencies. A legal executive at the Bank of Russia recently revealed that an unfinalised bill on digital financial assets will ban the issuance and circulation of cryptocurrencies when it passes in the country. This is because Russia believes the issuance and circulation of digital currencies will pose an unjustified risk to the country’s financial system.
Earlier this month, the South Korean National Assembly passed new legislation that would provide a legal framework for the legalisation regulation and of cryptocurrencies and the exchange platforms operating in the country. In India, the crypto trading ban placed by the Reserve Bank of India has been removed by the Supreme Court, which means Indians can now trade XRP, BTC and other cryptocurrencies with ease.
Does the latest Ripple price analysis spell profits to investors?
Ripple news this spring would not be complete without the price performance of the cryptocurrency.
XRP started the year trading at $0.19 per coin but has slipped in recent weeks after recording massive gains in February. At the moment, the XRP price is down by 35 per cent since the start of the year, erasing the nearly 100 per cent profits made in February.
The coin skyrocketed to trade as high as $0.33 by 15 February, its peak so far this year. This occurred at a time when the entire cryptocurrency market gained an upside momentum, with BTC and others also recording massive gains in the process. XRP’s surge in price also came three days after it was added to BRD, one of the fastest-growing consumer crypto wallets in the world.
By the end of February, XRP price slipped to $0.22 per coin despite Ripple’s partnerships with the Azimo, Hanpass, and others. At this point, the effect of the coronavirus outbreak has started to take its toll on the financial markets, with the crypto market not being an exception.
Since then, XRP, along with its crypto peers, has been on a downward spiral as more investors panic and withdraw their funds from the market. The pandemic spread has significantly affected economic activities around the world, and this has reflected in all the financial markets.
At the time of writing, 19 March, XRP traded at $0.15 per coin.
So, what does the short-term Ripple price forecast look like?
Truth be told, the short-term XRP price forecast does not look optimistic.
Walletinvestor, an online forecasting service, suggests the coin has the potential to drop below the $0.10 mark in the coming days. According to its prediction, XRP would be trading at $0.093 per coin by the end of March. For the long-term forecast, the website does not believe XRP would cross the $0.50 mark by the end of the year.
Another popular service Longforecast expects the coin to decline further and by the end the month be trading at $0.11 per coin, totaling a loss of 52 per cent in March. The decline in price could continue until the end of the year as it predicts the XRP to be trading at $0.07 by December 2020.
Trading legend Peter Brandt, recently hinted that he sees XRP dropping below the $0.10 mark. While replying to a tweet, Brandt advised an individual to buy XRP at $0.0826. Thus, suggesting that he believes the XRP price would decline over the coming weeks and months.
Joker, a famous cryptocurrency analyst on Twitter, thinks the coin’s price would plunge if Bitcoin loses the $4,800 support. According to his tweet, XRP/USD could drop to $0.05 levels if BTC loses the $4,800 support.
In general, things look anything but optimistic for XRP at the moment, and the cryptocurrency could suffer further losses in the coming months.
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