Ripple (XRP) Battling the Market amid Coin Deficiency Rumors
Ripple is in the news for unfortunate reasons in regards to their CEO Brad Garlinghouse being accused of overselling the business partnerships that XRP has recently been able to establish. Since her banner year in 2017 where the cryptocurrency saw a 36,000% increase in price, Ripple has lost nearly half of her value from the start of the year. Not only is the sell-off occurring in South Korea, significantly hampering the coin’s value and stability, the hit-piece from Businessweek has added to price speculation. This adverse information has not been taken lightly while many investors are beginning to wonder if the company Ripple is actually the more valuable entity in this cryptoasset financial business relationship.
But, XRP is refusing to go down without a fight as Garlinghouse has emphatically denied that the inappropriate remarks to the coin are unnecessary. The global remittance companies Moneygram International, MercuryFX, and IDT are absolutely going to use the cryptocurrency to expedite transactions across borders along with the secure technology developed by Ripple the company. The founder of Mercury FX, Alastair Constance, even came out in defence of the coin as using XRP for customer payments is only months away. Alluding to confidence in the company, Constance revealed their integration roadmap was to increase transactions in larger magnitude to the order of millions of dollars.
Of note, the partners Ripple has courted normally use their technology for faster and secure payment processes, but the remittance companies are being pushed by Garlinghouse to use their software, “xRapid,” where the XRP token is digitally used. The increased exposure that Ripple has had lately shows that many corporations are still very much interested in the cryptocurrency and will likely use their developers in the future. Barring an unlikely catastrophic breach in security from either the remittance companies or from XRP herself, one could surmise that this coin has serious upside for the foreseeable future. While international transactions continue to trend towards greater revenues each year as a globalized economy develops, this early introduction to Ripple into these well-established companies is a crucial position.
