Ever since its inception in 2012, Ripple XRP coins have moved alongside their competitors, making XRP price prediction somewhat believable. Gaining momentum as a strong opponent in the cryptocurrency world, Ripple XRP now has a loyal following of investors. With this in mind, it’s no surprise that Ripple XRP is ranking 3rd in cryptocurrency by the total market cap.
How Ripple XRP Compares to the Competition
When you think of cryptocurrency there are some major names probably come to mind including:
• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)
While there are almost 3,000 cryptocurrencies in the digital financial market today, some continue to make headway over the others. Having a consistently strong presence in the crypto world gives XRP the exposure it needs to stay current. Because of this Ripple XRP price predictions are abundant as enthusiasts try to keep up to date with market fluctuations.
XRP has some significant differences compared to its competition which can make it more attractive as an investment than others. Unlike Bitcoin, the XRP platform is not built on a blockchain network so it cannot be mined. Consequently, the reputation of Ripple XRP grows significantly when more banking institutions recognize and use the Ripple XRP currency platform. Often XRP price prediction will increase as there is more exposure for digital currency around the world.
What Does Ripple XRP Price Prediction Say For 2020?
This year has been a rollercoaster of cryptocurrency market variations with the struggling economy due to the COVID-19 pandemic. With this in mind, investors will seek XRP price prediction to make better sound financial decisions for their portfolios. But keep in mind that predictions are just that, guesses on past market trends and not a definite result.
If you are searching Ripple XRP price predictions today, several results will show you positive upswings. This prediction can partly be due to its close competitors, Bitcoin and Ethereum. In past market trends, big-name cryptocurrencies will follow suit with the competition as many investors diversify across several tokens. Smart investment choices will require a variety of investments in your portfolio, so obtaining comparable crypto tokens is ideal.
What Drives Up the Price of XRP?
There are a significant number of factors that can drive up the prices of cryptocurrency in the digital market. XRP tokens cannot be mined like some competitors, including Bitcoin, consequently manipulating the overall price due to supply and demand. As available XRP tokens decrease in the market, the total price of obtaining them will subsequently increase.
Another reason why XRP price prediction show an upswing for the 2020 market could result from investment changes. Many investors around the world are now choosing digital tokens over more traditional investments from past years. This new exposure helps grow the crypto world and gives investors an edge to their already built digital portfolios.
One thing is for sure, XRP price prediction will continue to fluctuate as the current world economy changes. The best course of action is to continue to follow up to date cryptocurrency news and determine potential market trends. Knowledge is key when making continuous financial decisions for your portfolio to ensure it continues to be profitable.