Categories: Ripple

Is Ripple (XRP) Ready for a Breakout?

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By Jenny Lynton

Ripple CEO Brad Garlinghouse recently proclaimed how Bitcoin ‘is not going to be the panacea that people once thought it would be.’ Speaking to CNBC at the Money 20/20 fintech conference, Garlinghouse predicted that ‘instead you’re seeing specializations of different kinds of ledgers, different kinds of blockchains’.

With this in mind, we turned the spot light on Ripple (XRP). The leading altcoin has been taking center stage lately for a series of unique developments. While the great debate over Ripple’s security status rages, Ripple has also launched a landmark University blockchain initiative and developed some exciting partnerships.

Using the screener platform at Coinwatch.com, we were able to extract the latest market data. We also use the news sentiment feature tool to see what the analysts are talking about and why Ripple is tipped for a breakout.

Ripple’s Market Watch

From the platform at Coinwatch we were able to track Ripple’s volatile value. While the Ripple peaked at $0.65 on June 9, the coin then joined the downward spiral to $0.55 on June 14. From that point the coin continued to pivot on a knife’s edge, before landing at its current value of $0.53.

In spite of the grizzly market forecast, the news sentiment feature reveals that there are some exiting developments in the pipeline for Ripple. Let’s take a closer look:

Ripple’s Budding Partnerships

The company behind the coin- Ripple, Labs Inc. has been stealing the headlines for a series of lucrative partnerships. Most notably, Asia’s leading digital cross-border payments provider InstaReM and São Paulo-based BeeTech announced a joint partnership with Ripple’s blockchain network Ripple Net to power payments. CEO of BeeTech, Fernando Pavani says Ripplenet offers customers the ‘ability to send payments and access new suppliers across more than 60 markets through xVia, a simple API connection.’

At the same time, Ripple’s XRP partner InstaRem, has also just landed in the UK. CEO of InstaReM, Prajit Nanu emphasized how the big move to is part of a wider strategy to allow ‘European consumers to get what they want when they transfer money across borders: speed and the lowest possible rates.’

In the meantime, Ripple is also developing its relationship with existing partnerships. This includes financial giant American Express, which uses Ripple’s xCurrent new blockchain-based infrastructure for global payments. Speaking at the Money 20/20 fintech conference, Colin O’Flaherty, American Express’s VP outlined how ‘together with Ripple the companies are working to address the problems their customers face with cross-border payments.’

Ripple Launches University’s Blockchain Initiative

Investors should also keep their eye on Ripple’s $50 million research and development initiative with prestigious universities. Ripple is currently rolling out its flagship University Blockchain Research Initiative (UBRI) to universities around the world. In a press release, Ripple underscored how it wants to ‘support and accelerate academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.

Clearly as blockchain technology has evolved, Ripple has caught onto the fact that interest has rocketed on campuses. Evidently students and universities are becoming more and more involved in both the research and development aspects of blockchain technology. And Ripple, as ‘one of the most mature companies in the space’ believes that it ‘is uniquely suited to partner with the academic community and help lead development of this ecosystem.’

The Great Ripple Security Debate

In the background we have the great debate over whether Ripple should be regulated as a security or a currency by the US Securities and Exchange Commission.

The issue was thrust into the limelight as it was ruled that Ethereum (ETH) and Bitcoin (BTC) will not be regulated as securities. The importance of defining Ripple’s status is key, since if it is not a security it won’t be subjected to the same regulations as traditional stocks. While the decision is still pending, Ripple is facing two landmark lawsuits on the basis that XRP has been classified as a security and this is controlled by Ripple. Nevertheless, Ripple chief market strategist Cory Johnson explained at the Yahoo Finance conference that “it is endlessly frustrating to me that people are unable to distinguish the fact that XRP and Ripple are separate things.”

While the debate intensifies, there are many signals that Ripple is trying forge its own unique crypto path. With the advent of cutting edge blockchain technology, a series of flourishing partnerships and initiatives, Ripple is constantly stepping up the pace. While we watch this space, you can keep up with the latest developments at the platform on Coinwatch.com.

TipRanks is the most comprehensive dataset of analysts, hedge fund managers, financial bloggers, and corporate insiders. We provide answers to the most basic questions: are they reliable […]

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