Up 13%: XRP Surges To $0.327
And just like that, the XRP horses are off to the races. In the past 24 hours, per data from Live Coin Watch, XRP, a community favorite coin, is now valued at $0.3277 apiece, posting a jaw-dropping 13% rally to reach that price level. This comes as Bitcoin, Ethereum, EOS, and a number of other leading cryptocurrencies have posted relatively measly sub-3% gains, bouncing offXRP’s the monthly lows established yesterday.
It remains to be seen whether jaw-dropping rally, which seemingly came straight out of left field, will lead the struggling crypto market higher in the near future. But, optimists are hoping for the best.
So what were the potential catalysts behind this jaw-dropping, self-contained rally, which comes amid a newfound bout of bearish price action for Bitcoin and the broader cryptocurrency ecosystems?
Genesis Issuing Millions In XRP Loans
According to a recent report from Business Insider, which broke down a company update from Genesis Trading, a New York-based subsidiary of crypto conglomerate Digital Currency Group, the company issued over a billion worth of XRP, Bitcoin, and Ethereum loans in 2018.
While a majority of the group’s loans pertained to BTC (75% of Genesis’ lending portfolio), the fact that demand existed for Ethereum and XRP may have led some traders to express bullishness towards the latter mentioned asset.
SWIFT, SBI Join Hands With R3, Could Integrate Ripple Tech
On Wednesday, as reported by Ethereum World News previously, SBI Holdings, a financial services provider giant based in Japan, revealed that it would be joining hands with R3, a decentralized ledger technology-centric startup that was funded by millions of dollars worth of capital from Wall Street’s largest and most well-known institutions (Bank of America, HSBC, ING, Wells Fargo, and the list goes on).
SBI and R3 have now founded a new company in Tokyo, Japan, which was funded by the two fintech companies. While this isn’t apparent, the market quickly took this partnership as good news for XRP, as one of SBI’s crypto subsidiary exchanges launched support for the popular asset in recent weeks. SBI has also been an overt supporter of the second most popular cryptocurrency, seemingly utilizing Ripple’s technology to bolster its businesses and the crypto ecosystem at large.
At the same time, SWIFT, the world’s largest payment network that has tentacles reaching into the largest financial incumbents, revealed that it would be attempting to trial its GPI link with R3’s Corda platform. This was seen as a positive catalyst for the value of XRP, as R3’s Corda, “an application purpose-built to allow for payment obligations raised on the Corda blockchain platform,” has been accepting of Ripple’s go-to digital asset. This has led some to believe that SWIFT could directly implement Ripple’s technology in the near future. But, at the time of writing, this is unlikely, if not a near-impossibility.
Brad Garlinghouse Talks A Big Game At Parisian Conference
All these developments came as Brad Garlinghouse, the chief executive at Ripple Labs, along with SWIFT chief Gottfried Leibbrandt, took to the stage of Paris’ Fintech Forum 2019 to remark on the dichotomy and harmony between traditional finance and the digital world. According to previous reports from us, Garlinghouse lauded the Ripple ledger, explaining that there’s “mathematically less risk in the XRP transaction than in the fiat transaction,” especially since global, cross-border, intra-bank processes often take a number of days to finalize.
He added that Ripple and SWIFT’s relationship isn’t too “dissimilar” to the dynamic that Amazon had with Walmart in the late 90s, as the firms seemingly duked it out in the end. But in the end, the two companies arguably succeeded. Amazon might now have a monumental leg up over Walmart, especially in terms of financials, but the two conglomerates managed to live in tandem, while also thriving.
Title Image Courtesy of Marco Verch Via Flickr