XRP Gains a New Investor as Market Frenzy Brings in New People


The fourth-largest cryptocurrency by market cap, XRP has started to turn its losses to gain.

Up until this week, XRP has been looking like a sinking ship as it became the worst performer in 2020 among the top cryptocurrencies, taking this spot from EOS.

But this week, as altcoins started pumping, with Dogecoin rallying more than 100% and Chainlink surging to a new all-time high after another, XRP started seeing some gains as well.

On Monday, XRP was trading at $0.175 which jumped to $0.21040, up 20% this week.

Currently, XRP/USD is trading at $0.2007 and is up nearly 6% YTD, pushing EOS to take its worst YTD performer tag which is up only 2.43% in 2020 so far.

What’s the Cheapest Coin?

As the market started moving, XRP gained the attention of another investor. Will Meade, former PM at Goldman Sachs founded hedge fund, announced to his over 80k Twitter followers that he has gained a position in this cryptocurrency.

While XRP bagholders have been slowly leaving the ship, the frenzy in the crypto market is seeing the entry of new people.

Meade’s cryptocurrency strategy is nothing different from the zoomers and millennials who have been buying the assets with the least value in an attempt to make the most out of it. Technically, it makes sense, given that the digital asset is still 95% away from its peak of $3.92 set in January 2018.

“This guy gets it. ETH to ATH- 6x BTC to ATH- 2x XRP to ATH- 15x+ Fundamentals aside, from an ROI perspective, XRP is your best bet here of the majors,” said XRP enthusiast and investor Credible Crypto. “The laggards today are the over-performers of tomorrow and vice versa.”

XRP was actually the top performer of 2017 crypto bull rally with 36,000% gains, much higher than Ethereum’s 9,000% and Bitcoin’s 1,000% that year.

However, other crypto community members argue that this just means, “the traditional investment community has zero clues what they are doing when it comes to cryptocurrency.”

What’s on the Development Side?

On another front, Marcus Treacher, SVP Customer Success at Ripple said in an interview that they are currently focused on expanding its On-Demand Liquidity service (ODL previously known as xRapid). He said,

“We have established On-Demand Liquidity corridors into Mexico, the Philippines, Australia, and Europe, and we’re hoping to further this expansion by opening corridors to APAC and EMEA this year.”

During the coronavirus pandemic, Ripple went into remote work and helped the people by reducing or waiving the transaction fees during this time through its partnership with global financial institutions such as Azimo, TransferGo, and Siam Commercial Bank.

Talking about the impact of COVID-19 on digital assets’ evolution, Treacher said the pandemic

“has shown how traditional systems – payments, and otherwise – are not prepared for catastrophes on this scale.”

And it has further propelled “interest from governments to traditional finance, from Neobanks to the biggest money transfer companies to explore and adopt” blockchain technology whose inherent open and transparent nature makes it poised to play an integral role in our future global financial system.

Ripple (XRP) Live Price

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.01

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