American Express’s Mention of XRP Causes A Ripple Boom But Is It Worthy or FOMO?
- An old blog from American Express recently popped up on Twitter, which mentioned Ripple.
- Subsequently, the price of XRP rose, which may be a sign of FOMO.
Ripple is already a platform with a substantial following, but today’s progress is much different. American Express is one of the most well-known and elite credit card companies in the world, and it seems that cryptocurrency investors took some words from an old blog to heart. The blog, which is not an official announcement and was published a while ago, mentioned that Ripple is capable of performing international settlements. Both Ripple and XRP were discussed, and the blog was called “Cross-Border Payments to Become Faster, More Transparent, and Easier to Manage.”
As a result, FOMO is running rampant on Twitter, while Ripple is seeing some upward momentum. The price surge that XRP experienced is also showing at the same time, which seems to be independent of other tokens in the market. However, the hype may simply be misplaced, due to this blog. Even with downward pressure, XRP is trading up at $0.398306, seeing an increase of almost 5%. The price surge happened this morning, as XRP went from $0.38 to $0.41 quickly, and other market moves appeared to be completely independent.
Even though there is no confirmation that these two matters are related, the timing and the independent movement are indications that the blog is likely the cause. A popular XRP proponent on Twitter, Michael B, stated that the old blog has since gained a lot of retweets and likes.
"If institutions choose, they can also use $XRP in payment flows to improve liquidity in cross-border payments. Six major payment providers are already piloting. Eleven of the world’s top 100 banks have joined Ripple’s network"https://t.co/rCOwyr9dKz
— Michael B ⚡️💧 (@XRPMichaelB) July 6, 2019
Even with the FOMO that is clearly coming up around this token, it is important to note that American Express is not actually endorsing Ripple and it should not be considered to be an official announcement. So far, in fact, there has not been a single endorsement or announcement involving any Ripple products, in association with American Express.
In an effort to bring attention to the fact that that this blog is, in fact, from September last year, another user commented on the post as well.
A great blog post. Just a reminder, this is from September 2018.
— Leonidas Hadjiloizou (@LeoHadjiloizou) July 6, 2019
American Express is a member of Ripple’s initiative RippleNet, which offers services between businesses for real-time global payments. Even without any confirmation of the connection between these two actions, it is still enough for Ripple to see a nice little uptick today. Time will tell if this success will continue.