Ripple’s XRP and Ethereum have been rivals ever since the former debuted on the cryptocurrency scene. Both coins have been tipped over the years to overthrow Bitcoin as the largest cryptocurrency in the market and with both having the third and second spot respectively on the crypto ladder board, the sense of friction and rivalry is only necessary for the market.
Ripple’s performance for its first and subsequent years made a strong case for the digital coin, prompting many experts and investors to believe that, it was going to oust Ethereum and bag the second position within a short time.
XRP, hit its all-time high on January 3, 2018, climbing above the $3 mark. Before the coin achieving this historic feat, it amassed an increase of 49,500 percent in value over the last 12 months. Ripple was on course to become one of the biggest cryptocurrency if not the biggest before the market’s extreme volatility happened to it.
Fast forward, the coin has found itself lacking and eager to replicate the form of its glory days in the market, still not usurping Ethereum in the process. Ethereum’s performance the past year wasn’t anything good, compared to previous years. Ethereum’s below-par performance over a few years has stilled overshadowed XRP’s efforts and remains in the second position on the crypto ladder.
2020, promises to be an interesting year and most experts and investors believe that XRP has a real shot of usurping Ethereum this year. Ethereum’s performance this year, has been on and off, rising and falling whiles hovering around the $220 mark. The coin has seen bearish trends ever since it slipped below its initial resistance levels this year which was $225 and $228 levels. The coin is now trading at $127.61 at the time of this writing and still awaits major decline as it is now way below the $208 support area.
Ripple’s XRP’s haven’t been any different from the rest of the coins in the market this year. XRP’s price has been on the decline and was trading at $0.158 at the time of the writing, failing miserably to recover above the 61.8% Fibonacci retracement level. With the digital coin poised to see an all-time low in several months, experts still believe that the strong developments surrounding it will see it rise and enjoy a bullish trend again.
One major factor which has been holding XRP back for years is regulation clarity. The digital coin has had its eyes set on the Indian crypto market for some time now, looking to tap into the ever-growing millennial investors in that region. At the beginning of the month, news broke that, India’s top court had dismissed a directive from the Reserve Bank of India that banned banks from offering services to anyone that dealt in cryptocurrencies. Experts believe that XRP stands to benefit the most from this decision and this is due to its remittance privileges, something very prevalent in India.
XRP’s adoption rate is also off the charts for some months now. It’s cross border payment and remittance privileges have seen it rise and adopted by huge financial firms and corporate bodies. The Head of finance of Mexican online cryptocurrency exchange, Bitso stated this month that, Ripple’s ODL has completely transformed the way remittance now works from abroad to Mexico, and has transformed the Cryptocurrency Exchange itself in the process.
Ripple is already partnered with MoneyGram and other huge financial institutions and just recently entered into another partnership with the National Bank of Fujairah in UAE for cross-border payments. Experts believe that the digital coin XRP is now reaping benefits of its underlying technology and with its insane rate of adoption, the coin could pull off an amazing performance this year.