XRP the cryptocurrency that powers Ripple’s proprietary payment channel, RippleNet is the 4th most popular digital asset in the world.
Apart from RippleNet, XRP helps Ripple’s institutional clients settle cross-border transactions through the company’s On-Demand Liquidity (ODL) service.
It is widely preferred by investors too. Mainly due to its super low price and $10 billion market cap. XRP has an active community that supports the token and Ripple’s developments on the banking partnerships front. The bullish sentiment has reflected in XRP prices.
Riding on this year’s cryptocurrency market rally, Ripple’s native crypto token has returned 26 percent on invested wealth from the beginning of 2020 to date. Investors had the opportunity to scoop up near 100 percent profits twice – on Valentine’s Day and August 18.
With, 2020 coming to an end, XRP investors want to know what will 2021 bring. So, let’s take a look at all the forecasts and predictions for the XRP market in the upcoming year. But before that, it makes sense to take a glance at the current scenario around Ripple and its token.
Ripple and XRP: Market Scenario
As per the Q2 2020 XRP Markets Report, released by Ripple last month, XRP’s over-the-counter (OTC) sales surged over 1700 percent in Q2 compared to Q1.
For Ripple, this implies that its banking and financial institutions partners bought more XRP to settle global payments using RippleNet, and ODL. A pretty optimistic scenario for investors as the token is finding increased institutional adoption.
The report also mentions that ODL transaction volume on RippleNet grew 11 times during the first of this year compared to H1 2019. This growth is significant and great news for Ripple since the company’s primary USP is to revolutionize remittance payments.
Numerous XRP integrations have also boosted the token’s appeal to both potentials as well as existing investors. Few notable integrations worth mentioning are:
- Cryptocurrency exchange heavyweight, Binance launching XRP options contracts on its platform
- The first fully regulated crypto bank in the world, Sygnum Bank added XRP
- Zero Hash, is a CFTC registered swap execution facility and holder of a New York Department of Financial Services BitLicense. It integrated XRP to its settlement platform
- One of Europe’s largest telecommunications providers Swisscom successfully launched XRP on its DAPPI platform, enabling enterprise-grade access to the XRP Ledger for a wide array of use cases.
Ripple expects the XRP infrastructure to continuously evolve over the coming months, particularly in the derivatives space. That in turn could make XRP one of the top three digital assets.
XRP Price Forecasts and Predictions for 2021
For XRP investors, investment, and asset forecast blog, Gov Capital has some good news. The website uses a custom Deep Learning algorithm to predict future XRP prices by taking into account variables such as volume changes, price changes, market cycles, etc.
Gov Capital says that one year from now, Ripple’s token will have a $0.397 price, which is an almost 64 percent appreciation from today’s rates. According to the blog, XRP will hit the much desired $1 price level in January 2021 climbing up to $1.3 during the month. From there it will decline but move up to the $0.9 region by December.
Longforecast.com doesn’t spur optimism and keeps 2021 price forecasts for Ripple’s XRP in the $0.20 – $0.35 range. The website says that the token might even fall down to $0.16 by December 2021.
Tradingbeasts also maintains the same insipid 2021 price stance for Ripple’s XRP.
Digitalcoinprice.com predicts a balanced optimistic future by saying that XRP may grow to achieve an almost $0.6 price next year. Only in April 2021, the price will cross the $0.7 mark, but otherwise, XRP will mostly remain in the $0.5 to $0.6 range.
How to Buy Ripple (XRP) in India?
WazirX offers a convenient way to buy Ripple‘s token, (with a seamless dashboard to check minute-to-minute price updates) in India.
To buy XRP through WazirX, you need to register on the platform first, then finish a super quick KYC process and finally deposit funds for the purchase. Here’s how it goes:
Step 1: Account Creation
- Download the WazirX app or visit the website. Then hit the Sign-Up button
- Fill in your email address (one that you use frequently), and your desired password
- Click on the Terms of Service checkbox, but go through it once before checking
- Then press the Sign Up button
- You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here. On successful verification, you should see this message:
Securing Your Account
For security purposes, we highly recommend enabling 2-factor authentication (2FA). You can do so by downloading the Google Authenticator app and connecting it to your account.
The last stage in the account set up process is KYC verification. Select your country from the list:
Then verify your KYC and finish the process. After that, you are all set to buy XRP from WazirX!
Step 2: Depositing Funds
You can deposit INR funds from your bank account to your WazirX account via UPI/IMPS/NEFT/RTGS.
Just submit details like bank name, account number, IFSC code, etc of the bank account with which you wish to transact, and then you are good to go.
In case the INR deposit is rejected, check out the WazirX support page for such issues.
Depositing cryptocurrencies into your WazirX account, either from your wallet or another exchange is an effortless process. It’s also free – with no fees charged on any deposit!
Start by obtaining your deposit address from your WazirX wallet. Then, share this address on the ‘Send Address’ section of your other wallet for transferring your cryptocurrencies.
For more details, check out the WazirX Support page on depositing cryptocurrencies.
Step 3: Buy XRP
With all the necessary steps covered, you are now ready to buy XRP with your deposited funds. Here’s the process:
Log on to the WazirX app or website to view the latest XRP/INR prices.
On the app, press the XRP/INR price ticker. After that, scroll down a bit, and you will find the BUY/SELL button amongst the ‘Charts’, ‘Orders’, ‘Trades’, and ‘My Orders’ options at the bottom.
Enter the INR amount with which you want to buy XRP. Note that this amount should be less than or equal to the INR funds deposited in your WazirX account.
Hit BUY, and wait for the order to execute.
Once the transaction is executed, you should find the XRP bought added to your WazirX wallet.