So today we'll be taking a closer look at XRP and what to do with it in 2021. So ripple effects are up. It's one of the most popular crypto tokens for years, XRP has been sharing a podium withEthereum and Bitcoin, often ranking second or even third in terms of market value.
So will that remain the case in 2021?
Good question. And what more can we expect from RIPPLE and XRP? Well, Ripple's main goal has always been the creation of a payment system that will be used by banks to facilitate the transfer of funds in both domestic and international markets.
And throughout the years, the project has earned the trust of many renowned financial institutions such as Banco Santander, JP Morgan, HSBC Holdings, the Big Boys, Mizuho Financial Group, Sumitomo Mitsui Financial Group, and of course, the global money transfer giant MoneyGram.
And that's a big name now in August 2020. It was revealed that India's largest bank, HDFC Bank Ltd, had joined, RIPPLE met. And in November, after years of speculation and rumors, Rival confirmed his cooperation with the big name, the Bank of America, as the US's second-largest bank had also become one of reformats, clients.
So speaking of the adoption, only a few days ago, the Official Monetary and FinancialInstitutions Forum, the IMF IAFF, that's quite a mouthful, published a report that sees blockchain technology as a solution for multiple industries. Great news only for the banking system.
The IMF believes that the DLT technology on which XRP operates could address five key issues, namely security, speed, transparency, traceability, and risk management. No cost as well as sex, and admits that Ripple is seeking to position itself as an alternative to Swift. And that's a big thing.
Swift, the international bank system.
So the report notes that banks can replace Swift with an example, people making transactions more efficient. That's really significant. So, quote, The bank only has to hold its domestic currency and maintain one account with XRP, with only enough XRP to service its largest expected payment obligation.
The process minimizes the number of intermediaries and their markup on spreads. So it's really big news. It so let's have a look at some of our prices. Predictions are real meat. So according to credible crypto, a cryptocurrency expert, we were told to expect the unexpected.
And after peaking on November the 24th, the coin has lost some of its shine. However, according to credible crypto, the correction that the export price, the XRP price went through is, quote, perfectly healthy.
So in the long term, the famous crypto analyst was 70, 7800 followers on Twitter and expects XRP to reach a price of 25 to 30 million. But before this happens, credible crypto predicts a drop in the market of up to 30 percent.
Adding, you have the right idea for the pullback region. Many adults will dump hard, but XRP BTC, Bitcoin XRP is on support, so it may not be affected as badly as other OT's. Now such a plunge in the crypto market could present great buying opportunities for new investors and to be able to buy XRP ranging from $ 0.38 to $ 2.55. The dollar is one heck of a blessing.
So if you get this chance, your best take yet no guarantees we get the lower end of this range. So DCA decaying down is your best bet. So earlier this year will meet is a former Goldman Sachs employee and billionaire hedgefund manager.
He made his first crypto purchase buying XRP and expecting it to soar in value in the near term. Quote, I made my first crypto purchase ever this week. XRP Reville. I know very little about crypto, but I believe a rising tide lifts all boats.
So if Bitcoin goes back to its all-time highs, that XRP should be should do so as well. And that would be a 15 bagger, 1500 percent. So based on his estimates, such an increase would take XRP all the way up to three dollars in the foreseeable future.
Now, while many, many crypto enthusiasts support such a bullish outlook suggesting bitcoin is ready to even hike past the dollar, a few online resources that base their predictions on technical analysis and historical data remain slightly less optimistic.
So an online forecasting service Woollett investor. Now they've taken a bearish stance in its outlook for the future price of XRP, referring to the coin as, quote, a bad, high risk one year investor. The website predicts Zulfi to trade well above point seven of the dollar in the first days of 2021 right before taking a dramatic plunge.
Now, take a look at this chart and it shows the trend of XRP in 2020 and 2021. And you'll see from this chart we can see the XRP recorded its highest peak in 2020. Now, predictions surrounding XRP show the potential of the crypto to experience a dramatic plunge in the year 2021.
So is Ripple really a bad investment according to all its investment?
Well, I would say no. Following Biden's appointment, XRP is showing strength after a nasty month of sell-offs. And we can confirm the increase, analyzing the increase, studying the recent trend. For the month now, XRP has had its back against the ropes or the war, whenever you want to call it, for much of 2021.
But things are finally starting to look out for the fifth-ranked project by market capitalization. XRP saw relative strength on Thursday following the appointment of the incoming president, Joe Biden, and he's said to elect a new head of the Office of the Comptroller of the Currency, the O.S.S. within the coming days. We need to keep an eye out for this.
RIPPLE Advisory Board member Michelle Barr, Michael Barr. Now, Barr is a former US Treasury official and he's got vast knowledge regarding crypto is, Of course, he does with his background. He also had previously served as an advisor to Ripple Labs Inc from 2015.
So the former assistant secretary for financial institutions previously commented on Bitcoin as a means of exchange. In an article shared by Barr in 2016, the former advisor stated that, quote, You can help bank the unbanked with lower-cost services when talking about Bitcoin. And that's a really significant quote.
So another big question?
What's next for Apple is the big question. So all the signs point to a recovery in price makes up how soon the fourth consecutive day of price recovery in relation to Bitcoin. Now, the price has increased by just over 38 percent since becoming since bottoming out against Bitcoin three weeks earlier.
Now, there remains plenty of upside potential if the company can successfully negotiate the charges laid against it by the SEC, and do watch our other videos for all sorts of commentary and analysis on that. But it would appear that the majority of sales have ended.
Now, the token is currently consolidating. So will the Biden administration bring good news to report about any regulatory clarity? Couldn't come at a better time for the company as it looks to move forward from a dismal start to 2021. So they have lots of big questions, hopefully, some answers for you.
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