The Ripple (XRP-X) price took yet another overnight hit dropping to as low as $1.04. However, it did manage to mount an early morning mini-rally and get back up to $1.13. So, while it is about 7.5% down at the moment, it made about 7% back this morning.
Mainstream Adoption
While Ripple price is down, interest in the underlying technology seems to remain steady. When Ripple was created it was aimed at being widely accepted by the global financial institutions. It hasn’t been exactly embraced with open arms but it is getting a lot of suitors. Companies are working on pilots and testing Ripple’s tech to see if it is a viable solution.
Ripple claims that their tech is better for the world because it’s not mined, costing less in energy, it’s faster, and it’s cheaper.
Conflict of Interest?
Some people say that the company may be influencing the Ripple (XRP) price because they own over 50% of it. It is true that Ripple has some 55B XRP coins in escrow. Those coins are allowed to be released at a rate of 1B per month. Any of those XRP that are not sold go back into escrow.
On top of that, Ripple co-founder Chris Larsen still, reportedly, owns some 5.19B XRP along with his 17% stake in Ripple itself. That means that, of the 100B XRP coins in existence, Ripple and Chris Larsen own roughly 60%.
Does that mean they are affecting the XRP price? If so, and the goal is to generate more revenue, they’re doing a poor job of it. It’s highly unlikely that any kind of market manipulation is being done by them. Remember, the XRP price was at $3.84 not too long ago. Today it’s trading in the $1.10 area. Not exactly proof of any kind of wrongdoing, is it? One has to believe that those types of comments are most likely FUD (fear, uncertainty, and doubt).
Japanese Support
SBI Holdings, a Japanese financial services company, stated yesterday that when it opens its SBI Virtual Currencies (SBI VC) exchange, XRP would be the only launch asset. They are the largest online securities firm in the country and have over 4M brokerage accounts. Japan is a country where Ripple (XRP) price has seen strong support in the past. With SBI’s new digital currencies exchange, it could see a lot more support as well. The exchange is said to give traders a “respected and reliable exchange.”
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