I'm sure many in the cryptocurrency arena are aware of Ripple's XRP coin that has been traded for the last couple of years. However, for those that are not familiar with it, researching whether to invest in XRP may be worth your time. After a couple weeks of research, I finally decided to invest in a coin that , in my opinion, has a solid business approach towards changing the way money is transferred between companies, banks and governments.
The original idea behind cryptocurrency was to remove oneself from bank regulations, fees and to remain as anonymous as possible when conducting transactions. Most cryptocurrencies have structured their transactions in a way to keep anonymity while also allowing users to pay for services in a peer-to-peer fashion. This ideology excludes a large sector in the financial world, banks. While Ripple's XRP will allow for direct payment among peers, their main focus is promoting their block-chain technology to financial institutions world wide. Due to Ripple's choice to promote their technology and coin to the banking sector, many crypto buyers frown on the coin and will not purchase it because of the ideological beliefs mentioned above.
Regardless of your stance, I still feel that purchasing XRP now will be an investment that will pay off in the next 5-10 years. The cost per unit is still relatively low at .18, as of this post. In addition to low dollar entry, Ripple appears to be very active in growing their company. Ripple partnered with SBI Holdings of Japan, a leading financial group, in 2016 which brought 61 banks into the Ripple network. {1} SBI Holdings is excited about the partnership. Utilizing Ripple's block-chain technology will enable SBI Holdings to save 33% of current money remittance costs, and if they decide to utilize XRP, alongside Ripple's block-chain software, a total cost savings of 60% per transaction would be saved. {1} In addition, Ripple has most recently opened a new office in Singapore, one of the largest financial hubs in Southeast Asia. {2} Establishing a foothold in this market would be extremely advantageous later down the road for Ripple if they are able to solidify their presence with the banking system in this region.
Recently China caused a mass sell off of all types of cryptocurrencies when they announced they would stop crypto trading until it could be better regulated. {3} I mention the above because Ripple has still established an office in China and is potentially helping the government understand block-chain technology while providing ideas on how to better regulate this new market. {4} Ripple's potential ability to get established in China before other potential competitors could be enormous news, meaning XRP would increase in value.
One last bit of info that helped me decide to invest in Ripple's XRP is their upcoming Swell conference. The conference will be held in Toronto on October 16-18. {5} It will also coincide with SIBOS's (Swift International Banking Operations Seminar) yearly conference. SIBOS has dominated the market since 1978 by providing a backbone to how banks transfer money internationally as well as domestically. {6} To hold a conference at the very same time as SIBOS would generally seem like a bad idea. I imagine some great news will come from this conference, otherwise they would not have chosen this date. It also shows they are confident of their product offering and coin. At this conference, they are also hosting a few respected individuals in the financial sector such as Dr. Ben Bernanke, Chairman of the Federal Reserve 2006-2014 and Kristen Michaud, Managing Director, Treasury Operations, GE Capital.
Even if you're not in for the long haul of 5-10 years, a quick buy now at .18 could easily double by the time Swell arrives. My high end prediction by mid-October would be .42/unit with a low of .34/unit. I guess time will tell.
Happy trading everyone!
SOURCES
{1} https://ripple.com/insights/sbi-holdings-views-on-blockchain-and-xrp-an-interview-with-yoshitaka-kitao/
(2) https://www.profitconfidential.com/cryptocurrency/ripple/daily-ripple-price-forecast-xrp-establishes-foothold-singapore/
{3} http://fortune.com/2017/09/15/china-shutting-down-beijing-bitcoin-cryptocurrency-exchanges/
{4} https://www.coindesk.com/hints-rumors-ripple-might-really-enter-china/
{5} https://ripple.com/insights/news/announcing-swell-by-ripple/
{6} https://xrphodor.wordpress.com/2017/08/25/ripple-establishes-swell-conference-to-compete-with-sibos/
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STOPVery good article. Interesting to see I'm not the only one that is thinking about this. It always surprises me how people still sell when a crypto goes down. I mean just invest in solid coins and skip the shady ones. Crypto is here to stay. I was researching a way to find more info about the current cryptocoins on the market. I was wondering if anyone of you uses: https://www.coincheckup.com The site is my go to place for crypto investment analaysis and indepth coin research. Check: https://www.coincheckup.com/coins/Ripple#analysis For the Ripple Detailed report
Thanks for the recommendation Kaitlynmoore. I'll definitely check it out as I don't believe I am aware of this site. I do a lot of my research on reddit pages and the actual pages of the companies releasing new ICOs. If you are interested in this coin I would definitely recommend buying sometime next week as I believe their SWELL conference is definitely going to push the price of the coin up. Also, if you have any more recommendations of good sites I'm all ears. Another coin to check out is from Chainlink. The coin trades under LINK; however, their initial crowdsale took place on September 19th and the coin sold out in a matter of hours. Chainlink has been hyped as Ripple's competitor as they are partnered with SIBOS, the more conventional group that has been around since the late 70's. The price of the coin, on selling day, was .000687 and last time I check has risen to .16. At it's current price though I'm a little more cautious of buying. Cheers!