Ripple News Update
After treating Ripple (XRP) with indifference for months and months, investors are finally flocking to the enterprise blockchain.
And although we haven’t received mea culpas from those who doubted our Ripple price prediction, we are comforted by the fact that XRP gained 139% in just three days. It is quite a consolation prize.
A big part of the surge was due to the “lockup” of 55 billion XRP coins, which squeezed total supply and cooled criticisms about XRP. That said, you shouldn’t consider this rally a momentary thing; there are other forces that could drive higher demand.
For example, a small band of investors is lobbying Coinbase to add XRP to its popular trading platform. This may seem insignificant to the point of irrelevance right now, but it could have a dramatic effect on XRP. Here’s why.
Coinbase runs the GDAX exchange, which serves as a gateway for American investors just starting out in the crypto space. In order for XRP prices to continue growing, it needs to attract some of these new investment dollars.
Therefore, it needs to be listed on Coinbase.
At the moment, the grassroots petition has gathered more than 15,000 signatures. The stated goal of the petition is 25,000, though. Once that level of popular support is achieved, Coinbase will have no choice but to concede.
Or at least that’s the thinking behind the petition.
How Would This Affect XRP Prices?
By all indications, U.S. investors are interested in buying XRP.
It was trending on Google, which means there were upward of 50,000 searches. Clearly, people are interested in what’s going on with cryptos.
All this attention drove XRP prices up by 21.13% in the last 24 hours, bringing the Ripple to USD exchange rate to $0.561122.
Ripple Price Chart:
However, many traditional investors don’t understand cryptos. I’ve received emails asking whether XRP trades on the New York Stock Exchange or the NASDAQ. Seriously. That is not a joke; some of our best-performing content is “How to Buy” guides for cryptos.
I don’t say this to mock anyone. It is perfectly natural to have a steep learning curve for emerging technologies. And make no mistake, cryptos are on the bleeding edge of emerging tech.
Not only are they a relatively recent phenomenon, but they are fundamentally different from other asset classes. That is what makes them so special!
My larger point is that mainstream uptake is always contingent on user experience. Coinbase has a smooth and intuitive platform that has made it incredibly popular. As such, it feels the least shady to investors just dipping their toes in the crypto pool.
We believe that by adding XRP to its exchange, Coinbase could send Ripple’s price surging to $1.00, thereby satisfying our Ripple price prediction for 2017.