The currency for the Ripple payment network, XRP’s transactions are on the rise. Less than a week after its previous surge, XRPL transactions have hit another all-time high. This time, the transaction figures soared to 4.52 billion on 28 November. Nik Bougalis, Software Engineer at Ripple, tweeted,
“That works out to an average sustained rate of 55 tps for 24 hours. Pretty cool.”
Source: XRP Transactions | XRP Charts
According to data recorded on XRP Chart’s website, the previous ATH was recorded on 23 November, a day after the collective market dropped and fell below $200 billion market cap. On the same day, XRP became the most transacted cryptocurrency, leading the pack with other top coins such as Bitcoin and Etherum following it. Accord
XRP transaction figures at the beginning of the year remained below 600k, going on to gain massive traction in October. The number of XRPL accounts created, however, did not show a similar pattern. The sudden surge in the XRP transaction figures has left investors baffled.
Over the month, many speculations have arisen. Some suggested that a considerable portion of the transaction volume was derived from ‘BTC IOU testing’ on the network, while others speculated market manipulation. Following the previous surge in XRPL transactions, Thomas Silkjær had also tweeted that XRPL was processing roughly 90 transactions per second, while being “under attack” by countless payments serving no purpose, other than burning fees.
Following the latest surge, a popular community member under the pseudonym “GreenEggsnHam,” tweeted,
“I looked yesterday and they were just setting the same flag 20+ times in a single ledger on one account. Unfortunately just another manipulation attempt.”
Interestingly, according to the latest findings from London-based blockchain forensics provider Elliptic, nearly $400 million worth XRP tokens, were tied to illegal transactions. This figure alludes to less than 0.2% of total XRP transactions, demonstrating that a majority of transactional activity is legitimate.
Ripple’s XRP Technical Analysis: XRP/USD daily double top risk
- Ripple’s XRP price is trading in the green by some 0.50% in the session on Friday.
- XRP/USD is running towards its fifth consecutive session in the red, with a lack of reversal signs.
- The price has been moving within a narrow range since falling from mid-late November.
XRP/USD weekly chart
The critical weekly support area is a
XRP/USD daily chart
The price via the daily has formed a daily top pattern, at risk of breaching the neckline at $0.2150.
Spot rate: 0.2200
Relative change: +0.50%
RippleNet Member SendFriend Seeing Massive Savings in Remittance Fees by Using XRP
On-Demand Liquidity (ODL), Ripple’s XRP payment solution used by “more than two dozen” of the firm’s customers, reportedly helps save up to 80% in remittance fees, according to money transfer firm SendFriend.
Ripple revealed David Lighton, co-founder and CEO of SendFriend, touted ODL as a solution that helps its own customers save while speaking at a conference this week. The CEO explained that Ripple’s XRP solution removed the need for businesses to pre-fund tehir accounts in destination currencies, removing the need for a large amount of working capital.
The company’s post reads:
ODL enables RippleNet customers to use the digital asset XRP to bridge two currencies in three seconds, ensuring payments are instantly sent and received in local currency—on either side of the transaction.
SendFriend is reportedly able to leverage the solution to cut transaction costs by up to
The firm started using Ripple’s XRP solution earlier this year, with its CEO noting that there are four big markets in the world for remittances: India, China, Mexico, and the Philippines, where SendFriend is based. Per Lighton, Philippine regulators “understand that there is a potential to help financial inclusion” with digital assets.
According to a Ripple progress report from last month, RippleNet now has 300 customers, 24 of which are using XRP-powered xRapid, the ODL solution. Its customers include MoneyGram, goLance, Viamericas, FlashFX, and Interbank Peru. Interestingly for XRP fans, the cryptocurrency that powers xRapid, transactions have surged 7x from the end of the first quarter of 2019 to the end of October 2019.
Coinbase & Ripple Investor: Bitcoin to “Blow” Past $20,000 in 2020
Over the past few months, analysts have begun to fear that the worst is yet to come for the Bitcoin market. This fear and apathy should come as no surprise, especially considering that the cryptocurrency has already tanked 50% in the past six months, tanking as bulls expected the asset to “moon.”
Despite this, top industry investors are keeping their heads held up high, going as far as to suggest that the price of Bitcoin is likely to surpass $20,000 in 2020. $20k in 2020 has a nice ring to it, after all.
Top Fund Expects BTC to Top ATH in 2020
Blockchain Capital just released its 2019 annual report. In it, the prominent venture capital firm — investor in Coinbase, Abra, Ripple, Messari, and an array of other top industry companies — revealed that it expects for Bitcoin to “blow past” its $20,000 all-time high sometime next year.
It isn’t only Blockchain Capital that is expecting for Bitcoin to mount higher in the coming months, especially in 2020 in general. In fact, the fund’s assertion lines up with the opinions of two prominent investment fund managers in the crypto industry: Travis Kling, current CIO of Ikigai Asset Management and former Point 72 portfolio manager, and Mike Novogratz of Galaxy Digital.
Both of these prominent Bitcoin analysts have asserted in recent interviews that they believe
Per previous reports from NewsBTC, Mike Novogratz, a former Goldman Sachs partner, said on CNN earlier this year that he expects BTC to hit $20,000 by early-2021 at the latest. Travis Kling echoed this, telling Yahoo Finance viewers that by early-2021, BTC is likely to have surmounted its previous all-time high and established a new one.
Why Will Bitcoin Top $20,000?
Well, why do these top investors think that this will take place?
The reasons vary, so here are a few.
- Institutional involvement: In August, Novogratz said that institutional involvement will help push the price of the leading cryptocurrency higher after a consolidation between $8,500 and $14,000. The Galaxy Digital CEO’s long-held thesis is that institutions, coupled with solution providers like Bakkt, will bring a mass influx of capital into Bitcoin markets that were not seen before.
- Positive macro backdrop: Novogratz also thinks that trends in the macroeconomy will support Bitcoin. He specifically cited negative interest rates, geopolitical unrest, and mistrust in centralized systems.
- Halving: Next year, Bitcoin will see its block reward reduction, known as a halving. This will see the number of BTC issued per block be cut in half, acting as a negative supply shock to the market. Previous halvings have catalyzed bull runs in the past.
- Lightning: Pundits like Tim Draper say that the adoption of Lightning Network and other Bitcoin-related applications will dramatically increase the value proposition of BTC, thus increasing its value due to higher demand.