This year has been an emotional rollercoaster for XRP so far. Ever since the flagship token of Ripple lost its title of the third-largest cryptocurrency to Tether, some investors turned sour for the project, doubting its future potential.
The coin has been pondering under its long-term resistance of $0.21 over the past few days, right after peaking at $0.214 on 2 June, forcing many to question: “Is Ripple a good investment in June, or is it at all?”
In this article, we try to answer this question by taking a look at the latest developments in Ripple that will likely drive the value of its digital coin going forward and checking out what the XRP forecast for summer 2020 looks like.
Against all odds: Ripple’s network continues to grow
While the performance of XRP has been rather flat lately, Ripple is persistently registering numerous new partnerships, with the coin’s transaction volume continuously rising worldwide.
According to the latest cryptocurrency news, Ripple has been working towards boosting its global presence and as previously reported, the business is even looking forward to dabbling in the lending industry. Speculations that Ripple was considering the use of XRP for loans started earlier in May. And while this has yet to happen, this potential use case of the coin could boost its value tremendously.
Additionally, a growing number of companies have now started to utilise Ripple and its ODL payment platform that facilitates cross-border transactions using the cryptocurrency. For instance, on the first days of summer, Ripple’s ODL in Australia recorded a new all-time high for the liquidity index of XRP on various corridors.
Based on the data provided by the Liquidity Index Bot, the Twitter bot that tracks the liquidity index of XRP on various corridors, the liquidity index for the BTC Markets exchange for the XRP/AUD pair soared up to 16.089 million on 4 June.
Caroline Bowler, the CEO of BTC Markets, commented: “What we’re seeing with ODL, just to give you this as context, I think we’re averaging about a 5 per cent week-over-week growth since January in terms of volume coming through our exchange on XRP.”
To explain the latest surge in enterprise adoption of the Ripple’s blockchain and its native cryptocurrency in Australia, she said: “Most people recognise the problems with cross-border payments especially in Australia where businesses often need to pay suppliers based outside the country. Using XRP to cut transaction fees and make same-day payments brings real benefits and fixes the problems of the existing system. XRP is a bridge between traditional financial institutions and the new world of fintech.”
Moreover, it is not only the Australian corridor that has seen a boost in liquidity. The XRP/MXN pair in the Mexico corridor on the country’s largest crypto exchange Bitso also witnessed a surge to 37.356 million on 1 June.
The payment corridor between Europe and the US is also now on its way to reaching a new record…
