There are a lot of events that Ripple will be seeing in the near future that are likely to affect XRP price significantly.
The market sees green, XRP price rises 3.53%
After a seeing a lot of red in the market for the past 24 hours, the cryptocurrency market is again in the green. Ripple, the world’s third-largest cryptocurrency is up 3.53 percent and is currently at $0.7 with the market cap of over $27 billion (at the time of writing).
Over the past few days, Ripple went through a lot of ups and down and got entangled in the legal suit as well. However, Ripple has a lot of interesting news coming up for its devoted community that might or might not all happen this year.
xRapid & xVia to bring in the good news while Codius & Cobalt work its magic
Starting with the most recent one, xRapid has already achieved success in its pilot trial where it was tested for the cross-border payments between the US and Mexico that resulted in saving 40 to 70 percent in cost while taking just about 2 minutes in comparison to the usual 2-3 days.
By utilizing the XRP, xRapid enables real-time payments while dramatically cutting down costs. With its pilot trial going well, we can soon expect its other pilots to go into production and its usage in the real world.
Another product of Ripple, xVia was in the news for announcing its new customers viz. UniPay, MoneyMatch, FairFX, RationalFX, and Exchange4Free. xVia basically allows businesses and financial institutions to send payments to and from emerging markets with ease and speed by utilizing RippleNet.
xVia aims to connect corporates and banks and with Ripple’s goal to become the Internet of Value, xVia will further move onto other partnerships as well.
A much anticipated smart contract platform of Ripple, Codius recently gained a lot of attention. Codius is basically an open hosting protocol that makes uploading a program easy along with having built-in billing.
In 2015, this platform was discontinued due to lack of payment standards on smart contract ecosystem and lack of a big market at that time. Since then, the project has been reportedly revived.
Another big thing coming for Ripple fans is Cobalt. You might think the 3-4 seconds taken by Ripple in completing a transaction is fast but no, Cobalt, the new network Ripple is working on is faster than this as it reduces the transaction time to just about 1 second.
According to Ripple, Cobalt will make it more decentralized and reportedly make XRP stable as well. Since Coinbase listing requires a cryptocurrency to be decentralized, this might up Ripple’s chances of getting listed.
Asset or security dilemma
Not to mention the Consensus event that has captured a lot of attention from crypto investors and enthusiasts, analysts and industry experts.
We can’t forget about the lawsuit issued against Ripple that alleges it of scamming people by selling an unregistered security and its never-ending ICO. In which response, its spokesman Tom Channick stated that they haven’t been served any legal notice yet. He further commented that it is for SEC to decide and they believe it shouldn’t be classified as a security.
The classification of Ripple into a security or asset is a big deal that can severely take its prices up or down.
Given the kind of events Ripple has lined up, though they don’t have an exact date or if they all will go live this year, these can surely hit up XRP prices.
Do you think XRP price will cross $1 and surge to the $3.65 level from early January? Share your thoughts with us!