Yesterday brought more bad Ripple news for the bank-friendly cryptocurrency.
XRP prices fell 16.6% (at the time of writing) to $0.219886, marking the third day of consecutive losses in an otherwise positive week. Despite the damage, Ripple is still up 38.6% for the week.
It is likely that by cashing in their gains, some investors set off a chain reaction that led to the precipitous fall. However, the long-term factors propping up the Ripple price prediction remain intact, as was highlighted by the announcement of its upcoming conference: Swell.
Those of you who are familiar with Ripple will know that its end goal remains the complete disruption of the international payments market.
That business has been completely dominated by SWIFT, a network of 11,000 financial institutions in over 200 countries, meaning that Ripple’s road to victory runs through a financial giant.
SWIFT holds a conference every year, titled Sibos. Ripple is choosing to host its conference on the exact same day, in the exact same city. Attendees will have to choose between the two.
“Why is Ripple doing this?” you ask. The most likely answer is that Ripple feels aggressive tactics are needed to distinguish itself from the host of startups that have tried and failed to disrupt SWIFT in the past.
But it might work. Ripple scored a major coup by recruiting ex-Chairman of the Federal Reserve, Ben Bernanke, and inventor of the World Wide Web, Tim Berners-Lee, to speak at the conference. Both of those names are huge draws.
It might take a few weeks for this information to seep through market, but I am confident it will have a stimulative effect on the Ripple price prediction. At this moment, every ounce of credibility is a boon to XRP, and arguably no two people are more credible that Bernanke and Berners-Lee. So stay positive—the price drop was only a flesh wound.