price XRP (CCC:XRP-USD) Cryptography is down 3% in the past 24 hours, even after ripple Team announced partnership with the Republic of Palau. The partnership will help the Pacific island nation facilitate cross-border payments. In addition, “the partnership could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022.” Ripple will also provide Palau with technical, design and policy support to provide citizens with greater financial access.
Palau is particularly vulnerable to climate change because it is an island country. The XRP cryptocurrency appears to be a great partner for it as its ledger is “carbon neutral and 120,000 times more energy efficient than Proof of Work blockchains.” The Ripple team is also hoping to use the Ripple ledger as an alternative to Palau’s central bank digital currency (CBDC), although this is still an early stage idea.
This isn’t Ripple’s first foray into eco-friendly deals. Earlier this year, the Ripple team announced its goal of becoming net zero by 2030. The team also announced last month that it had contributed $44 million to an Environmental, Social, and Governance (ESG) partnership with Nelnet Renewable Energy. The partnership will help fund adoption of clean solar energy initiatives across the United States, expected to offset more than 1.5 million tons of carbon dioxide over 35 years.
Additionally, the Ripple team announced an update regarding their dispute with the US Securities and Exchange Commission (SEC). Ripple CEO Brad Garlinghouse stated that good progress has been made and that a conclusion should be reached in 2022. The lawsuit was initiated after the US Securities and Exchange Commission accused Ripple of selling unlicensed securities in the form of XRP. Ripple claims that XRP should not be classified as a security.
With all the recent news in mind, let’s take a look at what analysts think about the XRP cryptocurrency.
Crypto XRP Price Predictions
- CryptoNews has a long-term price target of $6. This is a 488% increase. The rationale for the price target comes from technical analysis as well as the ability to sustain key partnerships into the future.
- DigitalCoinPrice price has a long-term price target of $4.74. This represents an increase of 365%. The price forecast is based on technical indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence/Difference (MACD).
- WalletInvestor’s long-term price target is $4.13. This is an increase of 305%. WalletInvestor came to this conclusion using predicted trend lines and support/resistance levels.
At the date of publication, Eddie Bann did not (directly or indirectly) hold any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Posting Guidelines.