The price of XRP (CCC:XRP-USD) crypto is down 3% during the past 24 hours, even after the Ripple team announced a partnership with the Republic of Palau. The partnership will help the Pacific island nation facilitate cross-border payments. Additionally, 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 especially vulnerable to climate change since it is an island nation. The XRP crypto seems like a great partner for it since its ledger is “carbon-neutral and 120,000x more energy-efficient than Proof-of-Work blockchains.” The Ripple team also hopes to use the Ripple ledger as an alternative to a central bank digital currency (CBDC) for Palau, although this is still an idea in the early stages.
This isn’t Ripple’s first foray into environmentally friendly deals. Earlier this year, the Ripple team announced their goal of becoming carbon net-zero by 2030. The team also announced last month that they contributed $44 million in an environmental, social, and governance (ESG) partnership with Nelnet Renewable Energy. The partnership will help fund the adoption of clean solar energy initiatives across the U.S. and is expected to offset over 1.5 million tons of carbon dioxide over 35 years.
Additionally, Ripple’s team announced an update regarding their quarrel with the U.S. Securities and Exchange Commission (SEC). Ripple’s CEO, Brad Garlinghouse, stated that good progress was being made and that a conclusion should be established in 2022. The court case was started after the SEC charged Ripple with selling unlicensed securities in the form of XRP. Ripple claims that the XRP should not be categorized as a security.
With all the recent news in mind, let’s take a look at what analysts think about XRP crypto.
XRP Crypto Price Predictions
- CryptoNews has a long-term price target of $6. This represents upside of 488%. The rationale of the price target comes from technical analysis and also the ability to sustain major partnerships in the future.
- DigitalCoinPrice has a long-term price target of $4.74. This represents upside of 365%. The price prediction is based off of technical indicators, such as the relative strength index (RSI) and moving average convergence/divergence (MACD).
- WalletInvestor has a long-term price target of $4.13. This represents upside of 305%. WalletInvestor came to this conclusion by using forecast trend lines and support/resistance levels.
On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.