Investors should thank God (or, rather, Satoshi Nakamoto) for the cryptocurrency oasis that is Singapore. Japan and South Korea are significant hotspots for crypto, to be sure, but Singapore is quickly becoming a haven for all blockchain-related activity.
For one thing, there are roughly 50 blockchain startups in the country. But far more important than that is Singapore’s central bank—it is incredibly bullish on blockchain technology.
In fact, the head of Singapore’s central bank frequently says things that make my head spin.
Here he is, in a recent interview, indicating that Singapore will not regulate crypto. “As of now I see no basis for wanting to regulate cryptocurrencies,” he said. (Source: “Singapore Won’t Regulate Cryptocurrencies, Central Bank Chief Says,” Bloomberg, October 24, 2017.)
He added (emphasis added): “It is a known fact that cryptocurrencies are quite often abused for illicit financing purposes. And so we do want to have anti money laundering controls, countering the financing of terrorism controls in place. So those requirements apply to activity around cryptocurrency rather than the cryptocurrency itself.”
This is big news…big Ripple news, especially….
You see, Ripple opened an office in Singapore very recently. The idea is to secure a foothold in the Asian banking sector, most of which is less-regulated than the U.S. or European banking sectors. That would give the XRP price a major tailwind.
Plus, it’s easier to disrupt SWIFT (Ripple’s main competitor) in a place that encourages disruption. Otherwise, you’re fighting regulators and incumbents at the same time.
Daily Ripple Chart
It will take a while for markets to price in this development, but once they do, we could see XRP accelerate to $2.00. At the moment, though, the Ripple to USD rate remains lodged at around $0.205886, up 1.05% from a day before.
Although $2.00 is our Ripple price prediction for 2018, we don’t believe this will happen overnight. We aren’t naive. Ripple won’t take a straight rocket ride up to $2.00, even with help from Singapore’s central bank. It will rise and crash a dozen times in order to reach that level.
This see-saw momentum gives some risk-tolerant investors a chance to buy Ripple at a discount over and over again, but you don’t have to do that. Just holding the currency could yield more than 800% returns.