Bitcoin
Ripple (XRP) Just Validated Our Top Recovery Play Label
Towards the end of last week, we took an objective look at the action we were seeing in the cryptocurrency markets and tried to pick out a few coins that we felt had the biggest potential for turnaround once the markets recovered.
As anyone who caught our coverage will already be aware, one of our top picks (and the one that we suggested was probably the most secure coin outside of the majors) was Ripple (XRP).
Our thesis was relatively simple.
Ripple had tanked in line with wider markets but, unlike many of its competitor coins and peers in this space, the company behind the currency had been pushing forward from an operational perspective and was making some real headway in terms of enterprise-level adoption of its flagship technology.
XRP Daily Chart
In turn, we suggested that this divergence (between the company’s operational developments and the price of XRP, its representative token) represented a real opportunity to pick up some cheap coins in anticipation of the gap closing out.
And as it turns out, we were spot on.
At the time of our coverage, XRP had dipped as low as $0.63 a piece. Remember, this is a coin that was trading in excess of $3 just a few weeks ago.
Then, late on Friday, this news hit.
For those that didn’t catch the news, Santander announced in its quarterly review that the company would be rolling out a mobile device application this year that will support free, instant cross-border transactions for its users in Spain, Brazil, the U.K. and Poland.
And the technology on which the application rests?
Ripple’s xCurrent, of course.
Ripple chief executive Brad Garlinghouse announced the move to his followers on Twitter, noting that the app will be released this quarter, and Santander followed up the announcement with a dedicated section in its quarterly presentation, with a spokesperson saying:
“We plan to launch this in the next few months, and we can confirm on the record that we plan to use xCurrent in the project.”
There’s no denying it – this is a really big deal for Ripple. Indeed, it’s a big deal for the cryptocurrency space as a whole. For the first time, an incumbent in the financial sector has taken a blockchain based technology and bundled it into a use case that’s aimed at the general public, as opposed to being aimed at another financial institution.
To put this another way, Ripple has finally been able to bridge the gap between the bleeding edge of blockchain technology and the mainstream general public.
So where do things go from here?
Well, this is one example of Ripple’s pilot programs coming to fruition. That is, making the jump from pilot program to commercial application. With a large number of these programs ongoing, this latest news reinforces the suggestion that there’s real value in the ongoing programs and that they will likely bridge through to commercial use once the programs in question complete.
It’s important to note that XRP won’t play a role in the Santander application – at least not initially – but this isn’t too much of a big deal. It’s a major vindication of the company’s ability to score big-name partners and, for us, is a strong signal that Ripple remains one of the top recovery plays in the market right now.
We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Ripple
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