The cryptocurrency space has been very bearish for many of the cryptocurrencies apart from a handful of them in the year 2017. Also, the first quarter of 2018 didn’t prove to be bullish for the Bitcoin as well as other Altcoins. The cryptocurrency is ranked at the 3rd position according to coinmarketcap. It is the most widely adopted cryptocurrency by most of the banks and other financial agencies because of it’s Real Time Gross Settlement System and they consider it to act as a cost-cutting tool to their complex procedures.
It is among the cryptocurrencies which are said to give a tough competition to Bitcoin. Anyhow it can come nowhere near to Bitcoin in terms of its popularity and usage amongst the crypto community. Also until the cryptocurrency is not completely adopted by all the banks the price will keep fluctuating. Adding on to that is the fact that the cryptocurrency market itself is very volatile due to its low market capitalization, therefore, making Ripple difficult to reach new heights. The cryptocurrency market is dependent on the news and FUDs that any particular cryptocurrency can gain and a lot of value within a span of few hours or might even completely disappear from the list itself.
Currently, the price is around $0.5 USD. For any particular cryptocurrency coin, the predictions can’t be made. The scams and frauds that being witnessed these days in the crypto market must also be kept in minds. One such move can cause the prices of the cryptocurrencies to fall rapidly. Ripple seems to have potential in itself but reaching the $1000 mark might take much longer than 2019. However, reaching the $10 or even the $100 mark is easy for Ripple. When we say it is easy for Ripple to reach the $100 mark it means that a lot of patience is required and would take years together for Ripple to reach it.
Moreover, the supply of the cryptocurrency coins is not finite. The key people in the company can add a number of coins in order to fluctuate the market prices according to their wish. With this power in hands of the owners they can fluctuate the market prices up to $10 or even $100 but reaching $1000 is nearly impossible.
Reaching $1000 mark for Ripple is theoretically impossible because the market would not allow such a situation. Assuming that the market price has reached $1000 and over 100 billion coins available, would constitute for a total market cap for $100 trillion dollars. The combined market capitalization of three of the world’s largest stock exchanges NYSE, NASDAQ, and Japan Exchange Group is around 30 trillion dollars. 3.3 times this market capitalization of just a single cryptocurrency is obviously not possible. It is just the fantasies of Disneyland.
The market fall can happen on the other side of the spectrum that means which means that the price of the US dollar might fall and therefore the price of Ripple might automatically be elevated to reach $1000 mark.
Along with the increased regulations in the Crypto space from the major Economic countries like China, India, and South Korea it is highly unpredictable that how the cryptocurrency market would look like in the future.
Looking at the downsides of Ripple, it has a number of drawbacks and there might also be some unseen bottlenecks which might arise as its adoption increases in the future by a number of Banks and Financial Institutions. If any other cryptocurrency is invented which has better problem-solving methodologies then Ripple then it is inevitable that a paradigm shift will take place and Ripple will be pressurized to halt its progress.
There are many factors which are supporting the sustainment if the cryptocurrency. It’s low transaction fees is almost negligible when compared to the traditional fees taken by the various Financial Institutions for international transfers. Repulse scalability was the main factor that was kept in mind during its creation. It was originally designed to handle huge amounts of bank transfers.
Also, there are a number of reasons why the cryptocurrency bubble might burst in 2018 itself and hence would take enough time to recover and hence reaching the $1000 for Ripple mark doesn’t seem promising.
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