Ripple's XRP to surpass Bitcoin by market value - Weiss Ratings
- The coin has the potential to gain traction due to its functionality as a payment network.
- XRP has been rangebound since the beginning of the year.
Experts from Weiss Ratings believe that Ripple's XRP will surpass Bitcoin by market value. Currently, XRP is the third largest coin with a market capitalization $14.8B and an average daily trading volume of about $500M.
Being a payment network, Ripple represents a higher value to the society than a store of value, which will drive XRP's adoption and market value in years to come, according to Weiss Ratings.
"Payment networks tend to have a higher value to society than stores of value. That’s why we expect payment networks like #XRP to take over #BTC in terms of market cap in years to come – not necessarily 2019. #crypto #bitcoin #altcoins," the company wrote in its Twitter account.
Apart from that, a US-based provider of financial ratings stated that digital coins like Ripple's XRP and Stellar have a potential to disrupt the global financial system and make a technology revolution in remittances and banking services.
"Ripple’s XRP, in particular, is aiming to disrupt SWIFT, the giant payments network of the global banking system. If it can manage to chip away at SWIFT’s market share and even replace it in some areas, there’s a chance that XRP could eventually become the world’s No. 1 cryptocurrency,". Weiss experts wrote in their latest crypto forecasts for 2019.
Meanwhile, currently, XRP/USD is changing hands at $0.3733. The coin has been rangebound since the beginning of the year, hitting the recent high of 2019 at $0.3857. This area is going to serve as a formidable resistance for the short-term players. The support is created by $0.3527-40.3500 area.
XRP/USD, the daily chart
Author
Tanya Abrosimova
Independent Analyst
