Today, the crypto top 20 has a new member, and that’s Iconomi (ICN). This crypto has shot up by over 6000% from a few cents to over $3 in less than an hour. From a look at its volumes, it is most likely a pump and dump and won’t sustain its newfound position in the top 20. However, whether it retains this position or not a big deal.
What’s important is that it shows how fast things can move in crypto. Until a few weeks ago, there was a prevailing sentiment in the XRP community that XRP could end the year at over $10. However, with the recent collapse in crypto prices, the hope of such a major price increase seems to be fading away. It’s fading because there is very little time left between now and the end of 2018.
However, if some obscure crypto can do 6000% in a day, it is very much possible for a strong crypto like XRP to do even bigger things. All it would take is for a few major financial institutions to start using XRapid. Most major banks move billions of dollars across the world every single day. If they were to shift and start using XRapid, it means that these billions would flow through XRP, which is the settlement crypto for XRapid.
This instant surge in volumes could see the value of XRP rise significantly and within a very short time. Surge a price would be supported by the retail FOMO that would follow. For instance, if a major global bank were to switch to XRapid and drive up its price to $3, the retail FOMO that would come in would not only hold it there but also push it even higher. It would not be surprising if the speculation that would follow drives it up to $10 and above. But isn’t this all speculation? Is there any major bank that is showing hints of switching to XRapid?
Well, ripple has already signed up some of the largest banks in the world to ripplenet, and the list is growing. Here is a snippet of some of the banks they have signed up as presented on the ripple official page.
“MUFG — the world’s fifth-largest bank by assets at $2.6 trillion — was one of the first customers to join RippleNet. Credit Agricole — the world’s 11th (and Europe’s third) largest bank with $1.82 trillion in assets — is set to process real remittance payments for its employees between France and Switzerland, too. Four other RippleNet members also rank in the top 20 banks worldwide, including Bank of America, Credit Agricole, Mizuho Financial Group and Santander.”
If any of these institutions switch from XCurrent to XRapid, they would create the perfect confluence of events for the scenario described above where XRP hits upwards of $10 within a very short time. The incentive for them to switch is already there, in the form of more cost savings, up to 70%.
XRP’s rise will most likely catch the market by surprise. Many will just wake up and find that the train already left, with XRP (XRP) trading in the double or triple digits.