October is here, and with it comes Ripple’s inaugural conference. The conference will take place at the same time and in the same city as the company’s archrival, SWIFT, will host its own annual event.
This may seem like an obscure piece of Ripple news, but I assure you it’s not. By our estimation, it will affect the Ripple price prediction for several weeks (at the very least).
For one thing, ex-Chairman Ben Bernanke is speaking at the conference. He was the head honcho at the Federal Reserve for a long, long time, and his tenure fell right in the middle of the 2008 financial crisis. He is the picture of credibility in financial circles.
Even though many members of the crypto community despise Bernanke, it’s important to understand what his presence signifies—he is a walking gateway into the mainstream.
After all, Ripple is different from Bitcoin, Litecoin, and Ethereum. Its big sales pitch is not to the average person, but to massive financial firms that need to settle claims across borders.
Traditionally, this job of cross-border settlements is monopolized by SWIFT, the leading payments processor in the world, but Ripple is using blockchain technology to disrupt SWIFT’s stranglehold. The only thing it lacks is mainstream credibility.
That’s where Bernanke comes into the picture.
His presence lends gravitas to the event. But more than that, it establishes a signal to other central bankers that XRP is not dangerous. It won’t try to shake up the established order of finance too much. It’ll simply upgrade the settlement systems, and collect profit while doing so.
We can see that XRP is ramping up for a bullish rally. The Ripple to USD exchange rate jumped 2.28% yesterday and 12.9% over the last week.
Ripple prices still fall short—way short—of its potential. But XRP was twice its current level in the months before the summer, leading us to speculate about a short-term run to $0.40.
Beyond that point, we hold to our $2.00 Ripple price prediction.