- Ripple (XRP) has been mentioned in a circulating Federal Reserve document as part of the blockchains being considered for a FedNow integration.
- An analyst has predicted that this could propel the XRP price to $24, positioning its market cap at $1.4 trillion.
XRP has been tipped for a bullish run to $20 after the US Federal Reserve disclosed plans to integrate the Ripple network to boost its FedNow payment system. According to a document shared by analyst CryptoGeek, the decision is meant to bridge the gap between traditional banking and Decentralized Finance (DeFi).
Highlighting its role in the global financial system, the Fed’s document pointed out that Ripple operates as a prominent provider of cross-border payments. Additionally, it is an open-source distributed ledger technology that is significantly utilized for financial transactions.
Meanwhile, Ripple was not the only blockchain project mentioned in the document. Stellar Lumens (XLM) was highlighted to be under consideration for its quick and cost-effective method for executing global payments.
This latest development follows a disclosure from FLRMOON, indicating that Ripple has ties with the FedNow providers. As detailed in our last news piece, 27 out of the 37 FedNow-certified service providers were highlighted to have some connections with the blockchain company.
XRP Charging Towards $20?
XRP has been struggling to breach the $2.3 resistance level since dropping from a failed attempt to $2.0. According to our market data, the asset has declined by 1.4% in the last 24 hours. However, it still has 2.96% gains on its weekly price chart.
Speaking on its price movement, a well-known analyst who suggested that investors buy Bitcoin at $1 has predicted that XRP could hit $24 by the end of the year. According to Davinci Jeremie, the explosive rise to this level could be triggered by the continuous support of the current US administration.
There are a lot of people in the US government that are pushing XRP. And so we could see possibly, XRP do something crazy.
With a circulating supply of 60 billion, XRP’s market cap would need to reach $1.4 trillion for this prediction to materialize. Even so, another analyst, identified as Cryptominder, believes that this is a conservative estimate. According to him, XRP is primed for $50. However, this could occur in the next five years.
Mathematically, the $50 level would represent a 2,339% surge from the current level. Analysts have explained that this is actually realistic as the asset would need to maintain a steady annual growth of 90%. Comparatively, XRP surged by 237% last year alone.
Shedding more light on this, Cryptominder explained how unrealistic it was for XRP to hit an all-time high price of $3.8 in January 2018 from the $0.09 level in May 2017. Similar caution was also expressed by investors when XRP was hovering around $0.35 last year.
Prior to Cryptominder’s prediction, analyst Amonyx had also predicted last year that XRP could likely hit $10 and continue to secure the $50 level. As indicated in our last news brief, expert Edoardo Farina equally believes that XRP could hit $50 and later reach $100.
In a recent update, CNF also estimated that XRP could certainly trade at $15 once the US Securities and Exchange Commission (SEC) approves the various related Exchange-Traded Funds (ETFs).
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