Ripple (XRP) which hit recent low of $0.55 on March 18th, has revived again in the market. It is up 5.97% in 24 hours and is currently trading at $0.695. One of the reasons for the Ripple to hit a low was when Google made an official announcement to ban cryptocurrency based ads June onwards.
This was done in order to prevent the online scams happening in the world of digital currencies but apparently legitimate platforms also suffered a setback such as Ripple (XRP).
But there are 3 reasons to be optimistic about Ripple (XRP)
- In a show of indirect support, Mark Carney, Governor of the Bank of England and Director of the Financial Stability Board (FSB) – an international meeting group for central bankers – released a letter on Sunday the 18th of March to G20 mentioning that the cryptocurrencies do not pose any threat to the world economies. Thus, in opposition to Japan’s request, Carney, who is chair of the Financial Stability Board (FSB), ignored calls from some of the G20 members to regulate cryptocurrencies like Bitcoin.The market has responded positively to this news as can be seen by the rise of Ripple from $0.55 on the date of the Carney announcement, to $0.695 at the moment of writing this. This is a 26.4% increment in two days.
- Ripple technology is bringing to the world of banking and finance. With the three already functioning products of xVia, xRapid and xCurrent, Ripple is now forming official alliances with banks and with money remitting service providers. This is mainly because the Ripple Technology is based on the blockchain, has been able to ease banking and money remittance transactions that used to take days, to a mere 3.3 seconds on the blockchain. The list of partnerships is endless but the notable names are Western Union, Moneygram, SBI Banking Consortium, UBS bank and Bank of America.
- Although it’s unconfirmed, but Ripple Futures are in the pipeline at Wallstreet. This may mean that XRP is turning heads in the global stock markets of London, Chicago, New York, Hong Kong, Tokyo, just to name a few. The only downside of XRP futures, is the fear that the price of XRP might be affected in a manner similar to how BTC futures are dubbed as the cause of causing the drop of Bitcoin (BTC) from $20,000 per BTC, to the current volatile level that is yet to touch $10,000 once more.
In the nutshell, the ongoing success of Ripple and its tie ups centralized bodies will revive the other cryptocurrencies too.
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