This is a tough one for me as I have to set my bias aside when writing about XRP. What do I mean?
Well, fundamentally XRP is opposed to everything I believe in regarding cryptocurrencies. My views are very much in line with Satoshi's vision for what cryptocurrencies should be. They should be decentralised. They should be a method of transaction. They should be separate from governing bodies.
XRP contrasts with this greatly as it is a centralised payment method that banks have their hand in. Setting aside bias and thinking objectively however, I do believe that XRP could be set for a breakout.
Here are the reasons why:
1). The bitcoin halving...
The bitcoin halving traditionally results in a large upward price move for bitcoin, however due to mining costs now, if this does not occur (and it is possible) then bitcoin's value could potentially drop. This could result in sharp uptakes for the coins trailing it which are currently Ethereum and XRP. Remember, many banks are heavily invested in Ripple and the potential for XRP to become the number one currency could potentially result in some whales and institutions to invest more heavily in XRP to raise its price.
2). HUGE ANNOUNCEMENT
The Bank of America have partnered with XRP! This is a major step in bringing XRP into the fore of banking. XRP does solve a problem, it reduces massive costs for global money transfers (as do many cryptocurrencies) and XRP has been the currency that has been chosen to provide the solution to banks. This means that at a time where digital payments are more prevalent, due to the corona virus outbreak, the banks may consider XRP a viable digital solution.
There is also the major rumour that the Bank of America will invest heavily into XRP during the summer. This is very much speculation at this point, but if BoA put a heavy investment into the currency, then they have a vested interest in it's success and this does effect the future of ETF markets. (Articel here: https://www.tronweekly.com/cryptocurrency-investors-makes-massive-claims-about-ripple-bank-of-america-summer-acquisition-community-goes-berserk/)
3). ETF markets
The ETF market for bitcoin has never gone through. This is a problem for Bitcoin as the ETF would bring Bitcoin to the institutions as a more real, government backed investment. If the ETF for bitcoin doesn't happen, and it's price sinks, we could see an ETF being brough forward by banks, on behalf of XRP. This would have major implications for the price point of XRP. We could see very significant positive momentum.
If the ETF for Bitcoin does go through, I would imagine that it wouldn't take long for Banks and institutions to push forward the same for XRP, which would certainly be accepted if Bitcoin was. Again, this would proivde significant positive momentum for XRP.
4). It is undervalued!
It's no secret that XRP has been the worst performing cryptocurrency for the past twelve months or so. In spite of this, Bank of America partnered with XRP on the 10th of April. Fundamentally, institutions see the value in it as a payment method. With inherent value, and looking at it's current price of under $0.19, we can all see it is under priced. I am not suggesting that it will hit it's all time high again, but it is certainly feasible that it hits a dollar once again, which is over 5 times profit.
5). Markets are cyclicle
Remember the crash in 2008? It was terrible. It hit lots of us hard. It hit major companies hard. It hit stock prices incredibly hard. It only took a mere 18 months for the market to recover, with many of the stocks overtaking their previous price.
The crypto market is very different to all other markets, but it is still a market! It will go through another bull run and when it does, could ripple have another huge breakout? I believe so!
If you look at this information objectively without the bias (if you're similar to me), does it make sense?
