Ripple to convert digital currency sceptics, not Bitcoin
Following the spike experienced by cryptocurrency, Ripple last week – in which another $62 billion was added to its market value – we should see the remaining crypto cynics become crypto converted.
Ripple also broke some key resistance such as $0.6500 and $0.6600, edging it towards the significant $0.7000 level against the U.S. dollar.
As I was quoted by Daily Express, Yahoo Finance, Global Banking and Finance Review, Private Banker International, FX Empire, Advisor.ca and Mondovisione, amongst other media, following the ‘overheating’ of the cryptocurrency market at the end of last year – predominantly due to investors piling in, pushing Bitcoin to an all-time high of more than $19,000 – there was a significant, natural price correction in the first quarter of 2018 of most of the major digital currencies.
Indeed, the cryptocurrency market has bounced back considerably over the past week. It is already looking considerably more bullish than in the first quarter.
This latest upward crypto market trajectory can be accredited to the fact that institutional and retail investors are appreciating the fundamentals more and more, such as the need and demand for cryptocurrencies in this increasingly digitalised, technology-driven age.
In addition, there is now massive awareness that blockchain, the technology that underpins the likes of Bitcoin and Ripple, is likely to be the world’s next major disruptive technology.
We’re now seeing digital currencies really come into the mainstream. However, there are still critics of the crypto revolution out there. However, I believe Ripple (XRP) can be expected to convert these remaining sceptics.
This is chiefly due to Ripple’s emphasis on integrating with banks and other financial institutions.
As an example, Santander recently introduced a foreign exchange service that uses blockchain technology developed by Ripple, enabling users to make same-day international money transfers. Its is reported to be holding talks with other major global banks and money transfer groups to develop similar products.
Nevertheless, digital currencies are still highly determined by market sentiment, meaning caution must be taken, and professional advice should be sought.
By concentrating its development strategy in this way, Ripple will probably help to modify the perception of crypto, increase its own value and co-lead the ongoing change in the way we use, manage, access, store and exchange money across the globe.