In November, Ripple peaked at its highest since 2018’s all-time-high, only to begin a sad bear run to its YTD low of $0.17 on December 19th. Between the end of December and January 12th, Ripple, still a darling of the market, has seen a favorable run back up to $0.29 yesterday. As Ripple peaks, drops, and stabilizes various predictions create a fragile market that could ultimately go anywhere. The UK financial watchdog is currently issuing stern warnings regarding the crypto market. These warnings come as the Bitcoin price dropped 15% on January 11th.
Bitcoin’s bearish run wiped billions from the crypto market and took down Ethereum, XRP, and Litecoin along with it. That being said, while naysayers laugh at the crypto market, we are nonetheless positive for the coming year ahead!
Though Ripple’s XRP has had a tumultuous year, they clearly have a strong year planned. According to their latest press release, Ripple aims at bringing the entire crypto sector to higher plains via their plan to host the future of Central Bank digital currencies (CBDCs). It is evident that one of the next major plateaus blockchains have to reach is the ability to host sovereign digital currencies. Ripple argues in their latest CBDC whitepaper that they are the team ready to take CBDC’s to the next level while allowing them to avoid the siloed frameworks that have led to today’s currency and financial problems. In their whitepaper Ripple states:
The introduction of CBDCs will be one of the defining transformations in the history of money. How the underlying technology is implemented and monetary policies are set over the coming decade will determine whether sovereign backed digital assets open the door to enhance global trade and financial inclusion or maintain the siloed, inefficient and inequitable status quo.
This conclusion offers a wary but positive future scenario. As 2021 continues, this positive outlook and the great aim to host CBDC’s could define Ripple as a future blockchain behemoth. If they achieve their goal in the coming years it will only mean a prosperous future for the entire field!
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