Ripple (XRP) has tumbled over the course of its biggest ever gathering, being sold off to the tune of $4 billion dollars, despite big news from Ripple Labs and a whole host of A-listers from the world of cryptocurrency and beyond.
The ripple (XRP) price hit $0.60 on Sunday evening in the run up to the Swell conference but has ditched 13% since then to just $0.52.
Ripple's Swell conference in San Francisco boasted star speakers including U.S. economist and Barak Obama advisor Gene Sperling, former U.S. president Bill Clinton, a performance by rockers Counting Crows, as well as Ripple Labs dropping the big news it's signed up three companies to its new xRapid service, allow the cryptocurrency XRP to carry out international transactions in "a matter of minutes."
It was the teased suggestion that banks and financial services companies would soon begin using ripple, the informal name of the digital token XRP, to move money across borders that fueled ripple's over 100% rise in September — but now that has begun to happen it seems to have failed to live up to people's expectations.
The three companies – payment providers MercuryFX and Cuallix as well as cooperative financial firm Catalyst Corporate Credit Union – were announced as the first companies to sign up to xRapid by Ripple CEO Brad Garlinghouse.
Earlier this year Garlinghouse boasted there would be "dozens" of banks using xRapid by the end of 2019. With smaller names MercuryFX, Cuallix and Catalyst Corporate Credit Union first on the list, perhaps investors were hoping for some household names to be among those at the front of the queue to begin using ripple for cross-border transactions.
XRP is down some 80% from its peak as most major cryptocurrencies readjust after last year's huge bull run. The ripple price surged to more than $3 last year, up from the just $0.006 that it began 2017.
Now at just above $0.50 it may have lost its recent battle with ethereum for the second biggest market capitalisation in the world of crypto.
Elsewhere, Clinton's keynote address to the conference last night appears to have fallen flat.
In what's been described as a "rambling" speech, the former U.S. leader spoke of migrant children, banning assault weapons, identity politics, the Rwandan genocide, the movie "Black Panther," the Israel-Palestine conflict and his new novel, all alongside what he was booked to talk about: how blockchain and crypto will change the banking industry — something it seemed the 72-year-old is not particularly comfortable with.
Clinton's name is certainly still big enough to create headlines and capture attention, but Ripple Labs could have inspired more confidence with keynote speech that was relevant to its proposal.