The year is coming to an end, and you may be thinking about how to end it in the best possible way. Looking at the trend of things, one of the best ways to end your year may be to buy some cryptocurrencies. You might say that Bitcoin is the only reliable cryptocurrency and is already too expensive to buy. That is true in a way, but there are altcoins that could bring you tons of rewards if you wait long enough. Today, we will consider one of such altcoins, XRP. We will take you through its analysis and price prediction so that you can learn enough about it to invest safely in December 2020.
Ripple (XRP) Overview
XRP is the native cryptocurrency that powers the decentralized ledger of the remittance company Ripple. It is the 4th largest cryptocurrency by market capitalization and one of the most used for cross-border remittance settlement in the world. There is a total supply of XRP of over 99 billion tokens and a circulating supply of 45,328,155,123. As the 4th largest cryptocurrency, it has a market capitalization of $13,226,295,462, and $4,945,572,568 worth have been traded in the last 24 hours.
Unlike other cryptocurrencies like Bitcoin and Ethereum, XRP cannot be mined, first because they are not based on blockchain technology but rather on a technology known as Decentralized Ledger Technology. In other words, the Ripple network is really just a ledger that keeps a record of transactions that are performed using XRP.
Ripple boasts of having more than 200 institutional clients who have millions of customers all over the world that use its services. Ripple facilitates cross-border payments that are cheap, efficient, and instant, unlike legacy remittance settlement companies, such as Western Union, that take days to settle the payment at very high costs.
Ripple (XRP) Price Prediction: Analysis
XRP price has been quite unstable in 2020. After hitting a year high of $0.336 in February, the cryptocurrency experienced a huge dip that shaved off over 50% of the year’s high price on March 13. The recovery from this did not last before another dip occurred, but this was not as severe as the previous one, and XRP has been in a tight range since then.
The price has been trading tightly between $0.22 and $0.26 until recently when it broke out of this range. XRP hit $3.0 for the first time in 3 months on 17 November after breaking out of the trading range. As altcoins are mostly reliant on Bitcoin for their price movement, this momentum may have been caused by Bitcoin’s recent rally that has moved the price to over $18,000.
The daily chart for XRP/USD confirms this upward movement in the coming days with a golden cross that just occurred between the 20 MA and the 100 MA on 18 November. The 50 MA could also be on its way to another golden cross with the 100 MA, which will be an even stronger confirmation that the token is entering a bullish trend, at least in the short term.
Here are calculations of key support and resistance levels for traders from Walletinvestor:
- Resistance Level (R3): 0.330;
- Resistance Level (R2): 0.318;
- Resistance Level (R1): 0.3063;
- Pivot Point: 0.295;
- Support Level (S1): 0.283;
- Support Level (S2): 0.272;
- Support Level (S3): 0.260.
XRP Labs, the company responsible for developing Ripple, has released the latest Beta version of the banking – XUMM. According to reports, the productive version will soon be launched, and the app will be released for public use. XUMM is a decentralized app, just like the decentralized Ripple network, but it has all the attributes of a traditional banking system. XRP will be used as the bridge currency on the app through which deposits of fiat currencies, such as the USD, can be made.
Just like using the Ripple ledger, transactions on the XUMM app are cheap, efficient, and instantaneous, with no need for banks or any other middlemen to complete the transaction. Ripple’s CEO, Brad Garlinghouse, also recently announced that some central banks are seriously considering the use of Ripple to launch stablecoins.
Ripple (XRP) Price Prediction: Market Opinion for December 2020
The following are the opinions of top cryptocurrency price prediction sites on how XRP may perform in December 2020.
According to this website, XRP will open December at $0.33 and go as high as $0.4 and not less than $0.3. It is also expected to close the month at $0.37.
Tradingbeasts predicts that XRP will start December at $0.3579617, reach a maximum of $0.4474682, and close the month at $0.4474682. The price is not expected to fall below $0.3042784 during the month.
According to gov.capital, XRP is expected to close December 2020 at $0.89 from an opening price of $0.247. The maximum expected price is $1.0235. Here is the price forecast for the whole month of December:
|Calendar date||Regular||Least possible price||Best possible price|
|2020 December 01, Tuesday||0.247||0.20995||0.28405|
|2020 December 02, Wednesday||0.248||0.2108||0.2852|
|2020 December 03, Thursday||0.247||0.20995||0.28405|
|2020 December 04, Friday||0.242||0.2057||0.2783|
|2020 December 05, Saturday||0.245||0.20825||0.28175|
|2020 December 06, Sunday||0.236||0.2006||0.2714|
|2020 December 07, Monday||0.223||0.18955||0.25645|
|2020 December 08, Tuesday||0.230||0.1955||0.2645|
|2020 December 09, Wednesday||0.231||0.19635||0.26565|
|2020 December 10, Thursday||0.227||0.19295||0.26105|
|2020 December 11, Friday||0.228||0.1938||0.2622|
|2020 December 12, Saturday||0.248||0.2108||0.2852|
|2020 December 13, Sunday||0.296||0.2516||0.3404|
|2020 December 14, Monday||0.361||0.30685||0.41515|
|2020 December 15, Tuesday||0.400||0.34||0.46|
|2020 December 16, Wednesday||0.396||0.3366||0.4554|
|2020 December 17, Thursday||0.389||0.33065||0.44735|
|2020 December 18, Friday||0.395||0.33575||0.45425|
|2020 December 19, Saturday||0.434||0.3689||0.4991|
|2020 December 20, Sunday||0.418||0.3553||0.4807|
|2020 December 21, Monday||0.5085||0.432225||0.584775|
|2020 December 22, Tuesday||0.536||0.4556||0.6164|
|2020 December 23, Wednesday||0.549||0.46665||0.63135|
|2020 December 24, Thursday||0.526||0.4471||0.6049|
|2020 December 25, Friday||0.511||0.43435||0.58765|
|2020 December 26, Saturday||0.541||0.45985||0.62215|
|2020 December 27, Sunday||0.593||0.50405||0.68195|
|2020 December 28, Monday||0.622||0.5287||0.7153|
|2020 December 29, Tuesday||0.749||0.63665||0.86135|
|2020 December 30, Wednesday||0.955||0.81175||1.09825|
|2020 December 31, Thursday||0.890||0.7565||1.0235|
Ripple (XRP) Price Prediction: Verdict
XRP seems to be on its way to higher levels, as these market opinions prove. It is worth noting that the launch of the XUMM banking app is likely to help boost XRP adoption, which is the primary driver of price action. Though not so good at the moment, the indicators suggest there may be brighter days ahead.