How Ripple’s XRP Can Gain More than What Satis Group Had Predicted
The cryptocurrency market has shown a slight recovery in the last few days, but Ripple’s XRP has failed to record any significant growth, despite it being the 3rd largest currency in terms of market capitalization. As reported by an ICO and cryptomarket analyst Satis Group, the coin, which is one of the 10 cryptocurrencies reviewed, will likely have a historically bad outlook ahead.
While Monero’s XMR was reported to enjoy the strongest appreciation, with Bitcoin also showing some positive figures, Statis found that there will be little to celebrate when it comes to XRP. Ripple is already sitting on a 91% erosion from the last high in January, and the group predicted that it will be work a penny within the next year. Its report also noted that it will fall further to around a fraction of a cent come a decade.
Statis Group Could Be Wrong
While Statis group has done good research and provided useful forecast when it comes to the cryptocurrency market trends, they could be wrong about XRP, because it has a chance to break from the mold. The company is right to state that XRP investors are in a puzzle, especially considering that the coin’s parent company Ripple is the primary driver of its adoption, but the payment protocol can function efficiently without requiring the cryptocurrency.
But even with that said, Ripple still has some incentive when it comes to promoting its cryptocurrency. For starters, Ripple is the biggest holder of XRP, owning to a tune of 60 + billion coins, with most of it locked away in escrow for the next five years. Saying that the company would abandon their project is similar to making a claim that it’s willing to devalue an asset they have majority share over.
XRP also enjoys wide adoption in most countries, with India estimating that its people hold near 50% share of the coin market. XRP has also established itself as a remittance coin, one that could be considered by banks and other financial services firms because of its cost-saving measures when making cross-border transfers.
It’s also worth to mention that there’s already a number of pilot programs underway to test increased efficiency of XRP. The companies involved include Mexico-based Cuallix, MoneyGram and Western Union.