Ripple News Update
TechCrunch founder Michael Arrington is so bullish on blockchain technology that he will dedicate “the rest of [his] career” to its expansion.
How does he intend to do that?
Well, the first step is raising a $100.0-million fund to invest in crypto assets and token sales. This fund would hold assets over a long time horizon, as well as provide venture capital to shaky startups.
But there is a twist…
The fund will be denominated in XRP tokens.
Partners will add their contributions using XRP. The fund will return fees and distribution through XRP. Each and every asset purchase will occur with XRP taking the place of the U.S dollar.
No one has built a fund like this before. It could swell Ripple’s trading volumes way beyond current levels, while also introducing a new set of investors to the cryptocurrency.
Arrington is something of a svengali in Silicon Valley. He founded TechCrunch, a famous new media company, and CrunchFund, a hugely successful VC fund.
In other words, he’ll have no trouble attracting capital to the fund. More than $50.0 million is already committed.
“In the last several months, I’ve gone from crypto enthusiast to 100 percent crypto,” he told CoinDesk. “This is what I think I’ll be doing the rest of my career.” (Source: “TechCrunch Founder Arrington Raising $100 Million XRP Fund,” CoinDesk, November 28, 2017.)
What’s Going on with Ripple Prices?
On Wednesday morning, Ripple prices gained 7.05% against the U.S. dollar. This brought the Ripple to USD exchange rate to $0.287311. Meanwhile, the Ripple to Bitcoin rate fell 3.29% to 0.00002623 BTC.
Ripple Price Chart:
What’s Going on with XRP Trading Volumes?
Trading volumes exploded on November 28, rising 266% to $720.7 million. Korean exchanges—Bithumb, Coinone, Korbit—still accounted for more than half of the total volume.
With today’s Ripple news in mind, we are more bullish on XRP than ever before. As such, we heartily maintain our $2.00 Ripple price prediction for 2018.