The market for enterprise blockchains continues to improve, providing strong tailwinds to XRP prices that could ultimately validate our $2.00 forecast.
Although Ripple is currently trading at around $0.2232, it is positioned to reach our Ripple price prediction sometime in 2018. This forecast is not based on a single piece of Ripple news, but rather a mosaic of data and fundamental analysis.
For instance, the development of the “Interledger” protocol as a clearing house for the broader crypto market can drive significant demand once it is complete. Right now, though, it is only compatible with a handful of the most prominent cryptocurrencies, such as Bitcoin and Ethereum.
But the potential of Interledger is significant. It means that a payment sent in Bitcoin could be received in Monero, or Dash, or Litecoin. And even more importantly, the payment could take place almost instantly.
In addition to Interledger, Ripple added 10 new financial firms to its network during the second quarter. It still has acres to cover before global payments sender SWIFT will feel the heat, but at least the pace of adoption is picking up.
Moreover, the pace is likely to accelerate during the third quarter. Why? Because ex-Chairman of the Federal Reserve Ben Bernanke is speaking at Ripple’s first ever conference. That is a huge dose of credibility from the perspective of the global financial elite.
We expect XRP prices to pick up steam next week as the impact of China’s ICO ban wears off. There is a reasonable chance that by the end of next week, Ripple will approach the $0.30 level, although this is barring any unexpected externalities.