Ripple, the blockchain technology, the company, and the associated cryptocurrency (XRP) started somewhat poorly. The crypto community was very skeptical about the network’s centralization features (which have been thoroughly denied by the company) and the fact that it’s a platform that aims to strengthen the global financial system instead of undermining it (which is supposed to be the whole point in crypto) didn’t help to make it popular either.
Well, the times are changing, and it seems that the ugly duckling is finally becoming a swan.
Ripple is being either tested or adopted by many of the world’s biggest and more influential banks. They are more than a hundred now, and they recruit a new one almost every week.
A rumored deal with Catalyst could bring 1400 new banks as users to the Ripple Net in a single deal. That kind of new agreements with massive partners will drive XRP’s demand up. It will create value and increase the price.
As you probably already know, the crypto market has been in free fall since last December, and most coins have been losing value. Only a handful of cryptocurrencies have been able to gain modestly, and XRP is one of them.
It’s been going up steadily for six weeks. It was at $0.25 on September 12th, and, since then it’s grown by more than 80%. It’s at $0.46 as we write this. It’s a small bull that’s managing to beat a big bear.
Bitcoin’s stabilization at around $ 6,500 could also be a factor for XRP’s growth and increased investor confidence brought about by a stream of exciting announcements.
Experts keep reminding the cryptosphere that the market is still far from mature. The value of most cryptocurrencies is currently driven by speculative pressure instead of mainstream adoption. This puts Ripple’s XRP in the privileged position to be the first token whose value will actually be determined by supply, demand, and real-life value.
Just a few weeks ago the Ripple Swell conference took place, which is the company’s annual meeting with investors and partners. Bill Clinton delivered the keynote speech, and the company announced xRapid which is to become its flagship service. It will use XRP working in tandem with Ripple’s blockchain so that banks can settle international payments in a matter of seconds, instead of the days they usually need.
The Bill and Melinda Gates Foundation is also partnering up with Ripple. Along with Coil, the three institutions will develop an interledger protocol. This means that the new protocol will link different payment layers (which are not compatible so far) so that payments can be settled without any friction.
Another interesting development comes out of the Whitehouse. It is not confirmed yet, but it seems that President Donald Trump is interested in Ripple. It’s anybody’s guess if he understands the first thing about the blockchain, but he wants it as the US Blockchain and Cryptocurrency official option.
The reason for this is that XRP cannot be mined at all. It was already mined in full by Ripple Labs before it went online, and that means that the network’s control cannot end up in China, which is what has happened to many other projects, Bitcoin main among them. If the US Federal Government takes Ripple’s side, it would be a massive development since regulatory issues have been an issue for Ripple, at least regarding public perception.
And then, the Japan Consortium Bank has created a project for peer-to-peer money transfers called SBI Ripple Asia. It includes an app: Money Tap.
Ripple is putting a lot of pressure on Ethereum. It’s smaller by market capitalization by only three billion currently. But it keeps going up and reporting good news as Ethereum keeps going down and saying bad news.
So don’t be surprised if XRP takes over ETH’s place behind Bitcoin sometime soon. Remember also this: XRP was last year’s most profitable cryptocurrency even before the long list of successes it’s had over the present year.
We all know that a bull run will come to the crypto market sooner or later, we just don’t know when. The thing to keep in mind is that, as things stand right now, it could be led by XRP and Ripple.
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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 and read our full disclaimer.
Image courtesy of NeuPaddy/Pixabay
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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