Ripple News Update
Although falling XRP prices captured most of the attention this week, today’s Ripple news update will focus on something more relevant to XRP’s long-term value.
Namely, a panel discussion featuring CEO Brad Garlinghouse.
The “fireside chat” was hosted at the Money20/20 Asia conference, which is a big deal on the other side of the world. Just to give you a sense of how influential this panel is, consider that Mr. Garlinghouse was preceded by the World Bank’s lead economist, Dilip Ratha.
While on stage, Garlinghouse made some revealing comments that should have sent XRP prices soaring. However, there’s no escaping the fact that Ripple prices are trapped in a bear market. It will undoubtedly take a few weeks for investors to return to bullishness.
Nonetheless, some of these quotes are real gems. Below are three of my favorites. (Source: “Ripple CEO at Money20/20 Asia: A New Payments System for the Digital Age,” Ripple, March 13, 2018.)
“If we haven’t lowered the cost of remittance payments by 300 basis points by 2030 as a business, we have failed.”
I don’t know what I like more about this statement: its naked ambition or its specificity. Most other cryptocurrencies lean on grand statements about reforming global finance. This is specific to the point of being surgical.
“SWIFT’s published error rate is six percent. Imagine if six percent of your emails didn’t go through without additional human intervention.”
For those who may not know, SWIFT is currently the leader in international payments processing. Ripple wants to steal that title in the years to come, which is why it is pointing out SWIFT’s shortcomings with such bluntness.
“We’re talking about three seconds of volatility risk when using XRP for cross-border payments. The reality is you’re exposed to more volatility when doing a traditional transfer with fiat currencies, and that takes several days.”
Critics are always saying that banks won’t adopt XRP because it is a volatile asset.
But like Garlinghouse did at Money20/20, I remind them that transactions only spend three seconds on the XRP ledger.
They start in one currency, fly across the XRP ledger, then land in a different currency. The whole thing is done in a snap, meaning customers take on very little risk.
The last quote is probably my favorite because it diminishes one of the laziest, most prevalent arguments against XRP adoption. I continue to believe this logic will permeate the market over the long run, driving XRP prices toward our $10.00 Ripple price prediction.