Posted 1 year ago | by Ben Armstrong
XRP Primed for “Explosive Growth”--Tim Draper
Tim Draper is a wealthy investor, venture capitalist, and huge crypto bull. In a recent Quora forum Draper didn't mince words about the future of Ripple (XRP), which he thinks is going much, much higher.
Bitcoin (BTC) has been the star of the crypto party since day one, but over the last few years Ethereum (ETH) and XRP have made their mark on the crypto landscape. Draper thinks that Ripple is making all the right moves, and is ready for “Explosive Growth” that will lead to much higher prices.
Tim Draper Says XRP is Going Higher
According to Draper, XRP should be trading north of $0.75 USD at the moment. The current downdraft in prices won't last, and crypto winter is probably over.
These kinds of ideas might be hard to swallow with BTC down over 10% in the last month, but one look back at the price action in the crypto markets should give any doubters some perspective on how volatility isn't synonymous with a protracted bear market in the crypto complex.
"Looking at the three-time growth of Bitcoin over the past 5 months, one would expect a similar result from XRP...The company is actively developing, expanding the sphere of influence, enlisting the support of large financial institutions and constantly improving the technology of transfers...In addition, Ripple is owned by SBI, a large corporation with companies such as R3. Everything indicates that the current situation, only the calm before the storm, in our case, before the explosive growth.”
Of course, Draper is not correct about everything, but whether or not the price action of XRP will follow his predictions is anyone's guess.
Stronger for Longer
It is easy to get lost in the day-to-day movements of the cryptocurrency market, but it would be wise to take a longer-term perspective on the idea of decentralized currency. Five years ago BTC was trading in the $500 USD range, and it went under $300 USD before it rallied to nearly $20,000 USD in late 2017.
The other factor that may drive cryptos much higher is how well they act as an asset with no counterparty liability. While not as perfect as gold, as there is a blockchain network involved, it is a lot easier to walk through customs with $1 million in BTC.
All of the major cryptos are as-good-as-cash, and have helped people in places like Turkey, Argentina and Venezuela to escape from a crippled financial system.
There is no other asset on earth like cryptocurrency, and when Draper calls for much higher XRP prices, it might be a good idea to listen. All his personal wealth didn't just materialize out of nowhere.