XRP Has Started to Recover 'With a Vengeance', eToro's Senior Analyst Explains

Omar Faridi

XRP, the third largest digital asset in terms of market capitalization, has been “pumping hard” recently - as eToro’s senior market analyst, Mati Greenspan pointed out via Twitter.

In his detailed Twitter thread, Greenspan wrote: “While the rest of the crypto market is stalling, $XRP is pumping hard this morning.” He added that XRP “went quiet” from December 11th, 2018 to late January 2019. However, the digital asset’s price has started to recover “with a vengeance” since January 26th, Greenspan noted.

According to the experienced analyst’s observations: “$XRP volumes have been dominated by Bitcoin and Tether $USDT over the last six months. However, we can see that dynamic tapering off in the last few days.”

Commenting on XRP’s price, Twitter user “Macro CryptoRevolution” (@MarcoCryptoRevo) mentioned that “rumors drive the price” in the digital asset market. He predicted that the performance of XRP and bitcoin (BTC), the flagship cryptocurrency, would be correlated for the “next few years.” He remarked:  

XRP for the banks and conservatives. Bitcoin for the free thinking people! #BTC Future.

At press time, XRP is trading at $0.3403 as its price has surged by nearly 9% in the past 24 hours - according to CryptoCompare data. The market capitalization of XRP tokens currently stands at just over $13.7 billion.

Giant Omani Financial Institution Joins RippleNet

Ripple Labs, the San Francisco-based fintech firm that has supported the development of XRP,  recently announced that Oman’s second-largest financial institution, BankDhofar has joined RippleNet, which is Ripple’s global payment network.

Navin Gupta, Ripple’s managing director for the Asia and MENA (Middle East and North Africa) region, shared a press release (via Twitter) which revealed that the American fintech’s “bi-directional messaging and instant settlement features” would be used by BankDhofar to process international payments in a quick, secure, and cost-effective manner.

XRP Is The "Number One Cryptoasset"

Expressing his confidence in Ripple’s suite of financial products, including XRP, Yoshitaka Kitao, the CEO of SBI Holdings, a Tokyo-based financial services firm that generates an average of $200 billion in annual revenue, recently remarked (translated from Japanese): 

XRP is the number one crypto asset.

Yoshitaka also claimed that bitcoin has “no fundamental value” which is why he thinks the flagship cryptocurrency’s price will eventually go down to “zero.”

Earlier this month, the SBI Group had published its latest financial report (covering a 9-month period ending on December 31st, 2018) in which it noted that XRP was the first cryptocurrency that was integrated into R3’s Corda Settler, which is “an application purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based.”

Metal Pay's MTL Jumps 20% After After 'Thumbs up" From Youngest Bitcoin Millionaireungest Bitcoin Millionaire

Metal Pay, a peer-to-peer payments platform run by Metallicus, has seen the price of its MTL token jump on cryptocurrency exchanges this week after receiving an undisclosed amount from the youngest bitcoin millionaire Erik Finman.

According to a report published by CoinDesk, Metal Pay’s CEO Marshall Hayner partnered with Erik Finman to develop an “all-in-one” cryptocurrency banking platform that’ll haven exchange with 17 digital assets, a digital bank, and a payments applications with social features similar to those of PayPal’s Venmo.

The report notes Metal Pay has so far processed around $11 million in payments from nearly 130,000 registered users, across 38 states. Per month, it adds, Metal Pay processes $1 million in crypto or fiat.

Finman reportedly invested a “modest amount of bitcoin” to finance the development of the startup’s banking and exchange ecosystem, which reportedly holds around $2 million in cryptocurrency and fiat. The young bitcoin millionaire added however, he would be willing to put his “400 something” bitcoin fortune on the startup.

After CoinDesk’s report was published users seemingly flocked to cryptocurrency exchanges to get their hands on MTL tokens. At press time, CryptoCompare data shows the token’s price has risen 20.9% against BTC in the last 24-hour period, and 22.2% against ETH.

MTL's price performance in the last 24 hours

Metal Pay’s CEO, Hayner, reportedly helped build Stellar and Dogecoin before he founded the payments startup in 2016. The firm has received $3 million in a funding round from ShapeShift CEO Erik Voorhees, G2 Ventures, and Gateway.

The company is said to be actively working with regulators, and to have partnered with Arkansas-based Evolve Bank and Trust to provide FDIC insured deposit accounts, as well as other financial services in the future.

Proof of Processed Payments

Last year, Hayner developed a protocol known as proof of processed payment, which distributes MTL tokens to Metal Pay’s users according to the amounts they transact using the platform. It helps reach consensus and validate transactions.

Through it, users can earn up to a 5% reward on their transaction volume, which Hayner notes “for consumers, is construed as cash back.” These rewards can be converted to fiat, sent to another user, or held.

MTL holders may also receive other rewards, Hayner notes, as those who hold “over 10,000 MTL on an average spot price between Binance, Kraken, and Bittrex” won’t be charged fees. Feeless options for merchants are also being considered.