If you think cryptocurrencies will return to record highs, the cryptocurrency Ripple looks like a great investment option compared to the same bitcoin. This is because at the current price of $0.8, a return to a high of $3.30 would mean a major rise, while bitcoin would only rise by half, returning to its highs. But how likely is that? Will Ripple be able to reach its record high? However, some experts have gone so far as to predict that XRP will rise to $8 by the end of 2022, which would mean a 10-fold increase in price. We take a look at XRP price predictions We’ll take a look at XRP price predictions and see if that growth looks likely.
Adoption by banking institutions
Ripple’s blockchain offers a solution to problems that have hampered the financial industry for decades: slow transaction processing speeds, high transaction costs and unreliability. Ripple also aims to improve the efficiency of cross-border payments for large payment systems. The early success of these solutions was made possible because large financial institutions began working with the Ripple platform fairly quickly.
So far, more than 100 financial institutions, which range from payment systems to banks, have partnered with Ripple and, in the process, have benefited from many of the blockchain solutions offered by the platform. Earlier, Ripple partnered with BankDhofar, the first bank in Oman to do so. Bank CEO Tariq Taha indicated in a press release why the move was so significant for the bank.
Ripple’s current and future partnerships
Ripple is positioning itself as a distributed registration technology for cross-border financial transactions. Ripple has already entered into partnerships with many large financial companies, and more partnerships are expected ahead. Unfortunately, the price of XRP has yet to rise in proportion to these partnerships. According to some analysts, this is because some of these firms are not using Ripple’s native coin, XRP. While this is partly true, below we look at the reasons why the price of XRP is about to peak.
Ripple is the fastest transaction processing platform
Until recently, Visa was the fastest company when it came to global financial transaction speeds. However, a series of system updates on the Ripple platform has led to that platform taking the lead. Before the system update, Ripple could only process 1,500 transactions, but now it can process up to 50,000 transactions per second. This is more than double that of Visa, which can only handle 24,000 transactions. This makes Ripple the fastest transaction processing platform in the world.
Corporations can now use Ripple’s xRapid and make faster and more secure transactions. xRapid will also help reduce the cost of currency exchange and global settlements, since XRP and fiat currency are a perfect match. So the coin can continue its growth until 2022 and beyond. If you are looking for a good asset to invest in, ripple might be your best bet.