Eric Daduon, an investor and a crypto thought leader, is of the view that Ripple Inc. investors will not allow XRP prices to tank and this will consequently will the Internet of Value (IoV) into existence so as to prop prices.
Internet of Value Around the Corner?
The Ripple platform aims to be a go-to network for financial institutions including banks where they can send money anywhere in the world easily and cheaply.
Aside from the involvement of leading venture capitalists like Google Venture, Accenture and Andreessen Horowitz, and leading global banks like SBI Group, Standard Chartered and Santander back the for-profit organization.
#Ripple makes money elsewhere but safe bet they want a higher $XRP price given their “bag”. You know who else would? Their investors (Standard Chartered, Santander, Andreessen Horowitz, Accenture, Google, etc).
These giants are going to will the #IoV into existence. I can wait.
— Eric Dadoun (@EDadoun) November 21, 2019
XRP Down 44% Year-to-Date against USD
Dadoun’s opinion will excite the XRP community, a band of supporters considered to be the most loyal, and optimistic about future prices. They hope that XRP will reclaim its January 2018 all-time high of $3.20. Even so, XRP prices remain largely suppressed, as the third most valuable coin by market cap registers huge losses on a year-to-date basis.
To quantify, XRP is down 44%, 68% and 57% against USD, BTC and ETH respectively. This is despite the number of partners brought on board the RippleNet increasing above 300, and Ripple Inc investing in MoneyGram in a deal that involved the remittance service provider incorporating xRapid.
XRP Blocked by Regulatory Uncertainty
Companies are mostly apprehensive of integrating xRapid and using XRP mainly because there is no clear regulatory guidance around XRP. Already, there are several lawsuits where aggrieved holders of XRP want compensation complaining that Brad Garlinghouse and team tricked them into buying unregistered securities which eventually collapsed causing financial harm.
Ripple is the majority holder of XRP coins in circulation. With a 55% control, 55 billion XRPs in their custody, critics are adamant that Ripple ledger is centralized and there will always be a risk of Ripple Inc dumping their holdings on token holders as the project seeks to finance their operations.
Is Ripple Suppressing Prices?
Already, there is a section of the XRP community complaining that Ripple has been actively “dumping” XRP, deliberately keeping prices low to attract banking partners and to enable entities using XRP to cheaply use the coin in their operations. Ripple Inc continues to market three main solutions to their burgeoning clientele: xRapid, an option that incorporates XRP (for On Demand liquidity) for global, instantaneous value transfer, xCurrent, which is widely adopted, and xVia, a solution which was recently launched.
Do you think a new ATH is in view for XRP in the near future? Share your views with us in the comments below.
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Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through his writing insights and coin price chart analysis. Follow him at @dalmas_ngetich