Find out Why XRP is Going to Explode in 2023
Ripple (XRP) showed significant growth in the past few years. After opening 2021 with a price of $0.22, it sits at $0.74 as of April 2021 then dropped to low level due to the bear markets in crypto and stocks.
With its worldwide adoption and unique solution for banks, XRP has been a hot topic among investors and crypto enthusiasts. Let us see why Ripple is going to explode in 2023 and the factors that drive its growth.
Looking at 2023: Is Ripple Price All Set For A Massive Ride This Year?
Since its initiation, Ripple has seen tremendous growth and has been a favourite with investors. This unique cryptocurrency is both a payment platform and a native currency that serves to be the global payment network for banking infrastructures. Ripple has successfully positioned itself as a secure and scalable cryptocurrency in the market with its excellent features.
Several reasons back up the prediction that Ripple is going to explode in 2023. Here are a few among them.
#1. Its Unstoppable Rally
Ripple was created with a mission to make financial transactions more advanced with less cost and high speed. XRP, the Ripple network's native token, can be used as an interexchange mediator. It acts as a bridge between traditional fiat currencies and other cryptocurrencies.
In a short period, Ripple had a successful journey. It was launched in 2012 and surged all the way, hitting an all-time high of $3.84 on January 4, 2018. Ripple successfully sits at the 8th position in the CoinMarketCap ranking with a market cap of $35 billion.
Ripple does not challenge the traditional banking system; instead, it works with it to make it more advanced. When it comes to cross-border transactions, Ripple is still the preferred choice of currency. This is a significant reason for its unstoppable rally over the few years.
Adding to its growth, Ripple has entered into several partnerships since the beginning of the year. It partnered with some of the biggest companies pushing for the mainstream adoption of its native currency, XRP.
#2. Unique Features That Sets Ripple Apart From Other Cryptocurrencies
The key factor that makes Ripple unique from other cryptocurrencies is its aim to take out the high cost in inter-bank transactions. Even though the Ripple platform handles millions of transactions regularly, it is fast and settles each within seconds on the blockchain.
The fee per transactions is very cheap. The minimum cost for a standard transaction on the Ripple blockchain is 0.00001 XRP. With its efficient cross-border transfers, Ripple has successfully partnered up with some of the most high-profile banks in the world of cryptocurrency.
Read Also: Ripple vs Bitcoin: Which Crypto Should You Buy
#3. The Ripple Network
Ripple is a permissioned ledger and uses legal entities like banks to validate transactions. The Ripple network has various elements, including a transparent ledger called the XRP ledger (XRPL). It is an open-sourced, decentralized ledger powered by a community devoid of a central authority. It is not based on any blockchain network but is a peer-to-peer network accessible to everyone.
Further, the Ripple Network has three major products. XCurrent, XRapid, and XVia. The XCurrent facilitates easy money transfers for banks. It is currently in partial competition with the outdated messaging system of SWIFT (Society for Worldwide Interbank Financial Telecommunication). It allows for a faster settlement in cross-border payments.
XRapid uses XRP as an asset for helping businesses and financial institutions in their transactions. It is the next big thing in cross-border payments and deploys XRP as a bridge between currencies facilitating high liquidity.
XVia helps companies that are moving money to access the information in banks using advanced blockchain technology.
The key feature that distinguishes Ripple blockchain is its build schematics. Ripple blockchain supports tokens that represent fiat currency, commodities, and cryptos. It also backs up other units of value, such as mobile minutes and frequent flyer miles. With this unique system, Ripple can enable secure, instant, and almost free global transactions of any size, that too with barely any transaction charges.
#4. Unique Consensus Mechanism
Unlike other cryptocurrencies, XRP has a unique consensus mechanism. By validating the account balances and transactions, it improves the overall integrity of the network. XRPL, the consensus validation system, also follows an anti-robustness principle that elevates reliability and security.
Therefore, Ripple is a highly secure network as it has a system with a built-in safety mechanism. It eventually blocks malicious entries to the network, ensuring complete safety. Its high scalability and security are the significant reason why Ripple will explode in 2023 and is a popular choice among investors.
Check Out: Should You Buy Ripple?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Significant Developments Of Ripple Ecosystem
According to crypto enthusiasts, 2023 is the best year to invest in crypto assets, and one of the best cryptos to focus on is Ripple. Here are some significant developments that could help Ripple to explode.
Prominent Partnerships
With all its unique features, many investors and institutions have shown significant interest in XRP. Spanning across 40 countries, Ripple has signed more than 300 banking and infrastructural partnerships.
The partner list includes top MNCs and institutions like Banco Santander (SAN) and American Express (AXP), HSBC Holdings (HSBA), JP Morgan (JPM), HDFC Bank Limited (HDB), and the Bank of America (BAC).
It has also announced a partnership with Zurich, Instituto Tecnologico Autonomo de Mexico (IATM), and Ryerson University. Ripple network aims to create the world's first interdisciplinary research center in the DeFi ecosystem leveraging its tie-up with the University of Zurich.
Adding to its growth, the XRP management team claims its banking and financial customer partnerships with some big guns in the market like Accenture, MoneyGram, BFC Bahrain, etc. Today, XRP is an alternative to the SWIFT network for several financial institutions. With all this in place, XRP is all set for a massive rally in the coming decades.
Smart Contracts And DeFi Adoptions
The three products of the Ripple network have significantly boosted Ripple's value in the crypto space. Its management team announced that Ripple's use-cases would be expanded to smart contracts and DeFi adoptions in the coming future.
The Ripple Labs had already received a patent a few years back for a smart contract to deploy oracles to connect a distributed platform to various real-world data.
The Surge In XRP’s Value: Another Win For XRP In SEC Vs Ripple Case
The SEC had brought Ripple to court over regulatory concerns in December 2020. The Lawsuit claimed that XRP is not a digital currency but just a security. Therefore, it comes under the scope of the SEC. Ripple had a huge loss after the SEC allegations. It even lost its partnership with MoneyGram which brought down XRP’s value in the market.
With the management’s continuous attempts, the SEC lawsuit is likely favourable for Ripple currently, boosting its value in the market. Thanks to Sarah Netburn, the Magistrate Judge who strongly defended XRP from the SEC allegations. She disagreed with the SEC, which termed XRP a security, and allowed Ripple access to the SEC communication. The access was permitted, to explore how the committee internally defines a security.
With her strong support and XRP’s latest win against the SEC, crypto enthusiasts predict that XRP will likely explode in 2023.
Don't Miss: Ripple Price Predictions
Why Ripple Is Going To Explode This Year: The Bottom Line
With its recent win against the SEC lawsuit, Ripple has successfully rallied up and positioned itself in the top 10 cryptocurrencies in the world. XRP is the preferred choice for traders when it comes to exchanging currencies.
Also, Ripple only has a limited supply of 100,000,000,000 XRP coins, among which 47.58 billion XRP coins are already in circulation. The scarcity will drive high demand for XRP in the coming future.
Ripple's plans to expand the network on the conventional capital markets, the adoption of smart contracts, and XRP’s win over the SEC are few significant reasons why Ripple is likely to explode in 2023, securing a special place in investor portfolios.
eToro – The Best Platform To Buy Ripple
eToro have proven themselves trustworthy within the industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Read More: