Ripple(XRP) is up 5.97% in 24 hours and is currently trading at $0.695. This is a welcome relief after its recent low of $0.55 on March 18th. This was partly due to the announcement that Google will be banning all crypto related advertisements. Google will no longer allow ads on any crypto, ICOs, wallets and trading devices across any of its ad platforms. One reason for this was for the search engine giant to reduce on the number of crypto scams piggy backing on its ad services. This was a big blow to even the legitimate projects such as Ripple (XRP).
But there is no need to despair. There is a silver lining in all this FUD. There are indeed a few reasons to remain Bullish about Ripple (XRP)
Firstly, and in a show of indirect support, Mark Carney, Governor of the Bank of England and Director of the Financial Stability Board (FSB) – an international meeting group for central bankers – released a letter on Sunday the 18th of March stating that all crypto related assets do not pose any major risk to the global financial system. Carney with his comments and being the Chief Whip of the global central banks and a spokesperson for the G20’s financial elite, caused a majestic market response as soon as his statements were made public. This means that all the FUD about government crackdowns and strict regulation can be put aside for the foreseable future.
The market has responded positively to this news as can be seen by the rise of Ripple from $0.55 on the date of the Carney announcement, to $0.695 at the moment of writing this. This is a 26.4% increment in two days.
A second reason to be bullish about Ripple (XRP) is the self evident revolution that Ripple technology is bringing to the world of banking and finance. With the three already functioning products of xVia, xRapid and xCurrent, Ripple is slowly forming banking partnerships on a daily basis and also with money remitting service providers. This is because its technology based on the blockchain, has been able to ease banking and money remittance transactions that used to take days, to a mere 3.3 seconds on the blockchain. The list of partnerships is endless but the notable names are Western Union, Moneygram, SBI Banking Consortium, UBS bank and Bank of America. This means that the market is positive for the Ripple company that was formed only in 2012 and has made significant strides in such a short time period.
The third and not necessarily last reason to continue being bullish about Ripple (XRP) is the unconfirmed rumor that Ripple Futures are in the pipeline at Wallstreet. When such rumors start to circulate, this means that XRP is turning heads in the global stock markets of London, Chicago, New York, Hong Kong, Tokyo, just to name a few. The only downside of XRP futures, is the fear that the price of XRP might be affected in a manner similar to how BTC futures are dubbed as the cause of causing the drop of Bitcoin (BTC) from $20,000 per BTC, to the current volatile level that is yet to touch $10,000 once more.
All in all, the banking industry, global central banks and stocks and commodities markets are noticing Ripple (XRP). All this attention is sure to have an effect on the coin. Perhaps this is why there are predictions of the coin making the much anticipated $10 by the end of the year. The HODLers are very optimistic about this prediction.