In a tweet on July 5, 2019, Eric Dadoun, an early stage startup investor stated that Ripple’s XRP working under the hood to ensure users send and receive payments in their own currency. This he says has always been key to the company. He further opined that XRP is not facing retail-driven speculation and retail doesn’t matter, rather retail will benefit.
XRP Has and Will Always be Key
While commenting on a tweet that hinted that payments will possibly be sent and received in one’s own currency within 4 seconds thanks to XRP working under the hood (without the user even noticing), Eric Dadoun noted that the use of XRP as the underlying technology has and will always be key.
Dadoun also said that XRP is meant to be the liquid that “keeps the plumbing efficient for a new financial system.” Similarly, the virtual asset is not facing retail and retail does not matter even though retail will stand to benefit.
The crypto enthusiast further revealed what he meant by saying, retail-driven speculation differs from retail driven usage. In his opinion, speculation keeps people entertained while retail-driven usage helps to build the ecosystem.
News Emerging About Ripple
On the other hand, a lot of positive news has surrounded Ripple, the blockchain company backing XRP, the third crypto asset by market cap. For instance, Xpring, the Ripple incubator, and investment arm revealed in a blog post on July 2, 2019, that it had invested $500 million in over 20 startups that are using the XRP protocol to grow the Ripple community.
In the same vein, Ripple on June 17, 2019, announced it has entered a strategic partnership with MoneyGram, one of the largest money transfer companies in the world. The collaboration will allow Ripple to invest $50m in MoneyGram in exchange for equity over a two-year period.
It’s also worthy to note that the Federal Bank of India revealed in March 2019 that it has collaborated with Ripple in a bid to enable financial institutions to send cross border payments more securely. The blockchain platform which will be used in this case has also been adopted by a good number of banks across the world.
The cryptocurrency community, on the other hand, are banking on developments of this nature to push the price of XRP above its all-time high of $3.15.
Many crypto analysts have predicted that the virtual asset may take charge and trade as high as $7 in the coming months.