Ripple News Update
Earlier this week, Ripple (the company) joined the Hyperledger Consortium—a Linux Foundation-backed collection of enterprise blockchain companies—in a bid to expand its appeal.
It wasn’t alone, either. 13 other companies joined Hyperledger as well, swelling the consortium’s already impressive group of stakeholders. (Source: “Hyperledger Extends Global Reach With Diverse Set of New Members,” Hyperledger, March 28, 2018.)
While this is excellent Ripple news, it’s not exactly a surprise.
Hyperledger’s Director of Ecosystem Development, Marta Piekarska, hinted at something like this when I spoke to her recently. (Click here to read the full exclusive interview. I strongly recommend it if you want to learn more about Hyperledger.)
For example, when I asked her if Hyperledger considers Ripple a competitor, this is what she said (emphasis added):
“We don’t see ourselves competing with any of those projects. As a matter of fact, Ripple is still considering joining Hyperledger. They have even contributed code from their Interledger protocol to one of our projects, which shows you how closely we work with them.”
This partnership between Hyperledger and Ripple is a win-win.
As Ms. Piekarska notes, Ripple will contribute code to ongoing Hyperledger projects, which should, in turn, benefit the consortium’s broader ecosystem. But the flipside is that Ripple gains access to 200 other companies and organizations in the consortium.
Having this sort of open-source project has been successful in past technological endeavors, so it’s only reasonable to expect similar benefits for Hyperledger. After all, there is something valuable about the free exchange of information and ideas.
Despite this positive development, XRP prices remained stuck in a bearish spiral on March 29.
XRP prices might have surged if they were “decoupled” from Bitcoin and Ethereum, but we’re a long way from that reality. Cryptos are moving in lockstep these days.
What makes it worse is that investor confidence was utterly damaged by the recent cryptocurrency price crash. So not only are prices tied together, but they are sinking together.
We recognize that these dynamics pose a threat to our $10.00 Ripple price prediction. It’s important, however, to step outside the moment. These price dynamics are not essential truths about cryptocurrencies—they just happen to be true right now.
Growing complexity and institutional involvement in cryptocurrencies will likely sort the wheat from the chaff, thus freeing up XRP to reach its full potential. Or at least that’s what we think will happen. Only time will tell if we’re right.