Ripple News Update
Cryptocurrency markets are relatively upbeat on Monday morning, but even in a sea of green, Ripple stands out with double-digit growth.
It rose 16.16% in the past 24 hours, bringing the XRP to USD exchange rate to $1.05.
This was an important threshold for Ripple. Trading volumes had diminished in recent weeks, dragging XRP into the pile of cryptocurrencies worth less than one dollar.
However, those volumes returned with force this weekend, surging from about $280.0 million to near $800.0 million in a single day. By the time this article went to press, XRP trading volumes registered at $1.8 billion.
What caused this sudden tailwind?
The most important factor, to my mind, is that Ripple CEO Brad Garlinghouse is appearing on CNBC with Coinbase CEO Brian Armstrong this Tuesday at 5:00 p.m. It is an unlikely pairing that’s bound to start rumors.
You see, Armstrong runs the most popular cryptocurrency trading platform in the U.S. He is famously bullish on Ethereum and, weirdly enough, he added functionality for Bitcoin Cash and Litecoin despite the fact that they have smaller market caps than Ripple.
Now he’s appearing on CNBC beside Garlinghouse? Rumors abound on Reddit and XRPchat as to the nature of his intentions, but that’s a futile game. We’ll find out what they intend to say when they say it.
However, the joint interview suggests that XRP is getting more respect.
A year ago, Armstrong wouldn’t have been in the same room as Garlinghouse. Similarly, CoinDesk wouldn’t have released a report titled “How XRP Fits Into Ripple’s Payments Products Explained.” That report came out on Sunday. (Source: “How XRP Fits Into Ripple’s Payments Products Explained,” CoinDesk, March 4, 2018.)
The tide is turning, dear reader. Skeptics that used to treat Ripple as an afterthought now give it top billing. Even the JPMorgan Chase & Co. (NYSE:JPM) report on cryptocurrencies listed Ripple in the upper echelon of cryptos beside Bitcoin and Ethereum.
As someone who writes about these issues, I think the shift is inspired by fundamentals.
Think about it: skeptics said that no one wanted to use XRP. So when Ripple gave them four consecutive partnership agreements for XRP use-cases, those skeptics had to reverse their position or else become intellectually dishonest. Clearly, choosing to reverse their position is the better move.
We did not waiver from our $10.00 Ripple price prediction when the market was crashing. We do not change it today, either. XRP continues to be one of the best, if not the best, crypto on the market.