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.”

Ripple Invests $30 Million in MoneyGram; Binance CEO Tells All in AMA

The top daily news from the cryptocurrency and blockchain space:

  • Ripple invests $30 million in Money Gram.
  • South Korean exchanges (finally) revise terms and conditions in win for users.
  • Binance's Changpeng Zhao holds hour-long AMA.

At the time of writing, bitcoin (BTC) and ether (ETH) are trading at $9,181.2 (+0.4%) and $269.0 (-0.1%), respectively. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 4,314.1 (-1.6%).

Bitcoin Ethereum CryptoCompare

Ripple Invests $30 Million in Money Transfer Giant, MoneyGram

Blockchain technology startup Ripple announced its investment into, and partnership with, MoneyGram, the world’s second largest global remittance company. In a blog post, Ripple explained the partnership will focus on the XRP-reliant xRapid, its solution for “on-demand liquidity, which reduces reliance on pre-funding by enabling money to be sent from one currency and instantly settled in the destination currency.”

Appearing Monday on Bloomberg TV, Ripple chief executive Brad Garlinghouse answered host Emily Chang’s question regarding how much equity Ripple gets from the MoneyGram deal by stating the following:

“What we committed to do is to invest up to fifty million dollars. We’ll end up owning somewhere between about six or seven percent and ten percent of the company. [MoneyGram] decide, over the course of the next year, how much of that fifty million they want to call down. At close, they’ve called down thirty million at a price of four dollars and ten cents per share.”

MoneyGram’s NASDAQ-listed stock spiked by over 150 percent from Monday’s market-close value of $1.49.

Win for Crypto Investors as Korean Exchanges Guarantee Hack Reimbursements

A handful of South Korean crypto exchanges have updated their respective terms and conditions so as to accept liability for potential hacks and service issues. Per local news site Yonhap, the Korea Fair Trade Commission (KFTC) – South Korea’s regulatory authority for economic competition – confirmed five crypto exchanges made the revisions; long-awaited acknowledgement of a corrective recommendation issued by the KFTC in April 2018.

Notably, among the five exchanges was Bithumb, a crypto trading platform that has managed to remain popular despite having suffered a number of costly hacks over the past year. Previously, in order to receive reimbursement, users had the burden of proving faults in any of these five exchanges’ systems. Now, these exchanges will hold themselves accountable in the event of an incident wherein user funds are stolen.

Binance’s CZ Holds AMA

Binance chief executive and co-founder Changpeng Zhao – commonly referred to as ‘CZ’ – conducted his latest Periscope ask-me-anything (AMA) video livestream on Periscope at 3:00am (UTC) Monday.

On the livestream – which had a peak viewership of 3,000 – CZ covered many aspects of the fast-growing Binance behemoth. These included its upcoming margin trading product, Binance US, upcoming initial exchange offerings (IEOs), Binance DEX, and much more.