The Bitcoin crash and cryptocurrency last week left a few survivors and most of them licking their digital wounds. On Wednesday in a few hours, Bitcoin collapsed to its lowest point in over a year, followed by the rest of the crypto-currency family, with the sole exception of Ripple's RPP, which seems to have a countertrend.
Ripple, based in San Francisco, offers a range of banking and financial products to reduce costs and increase the speed of cross-border transactions and micropayments. Some of these platforms, such as xRapid, are powered by the company's digital token, XRP.
Although Ripple has made every effort to attempt to separate itself from the token, including the use of different logos to make XRP more decentralized, the pair is undeniably bound. This means that when industry-positive developments occur for the company, traders and investors gain confidence and buy more XRPs.
And the good news was certainly plentiful last week when Ripple partnered with the third largest bank in Southeast Asia, the CIMB Group. The bank will become part of RippleNet, a group of banks and registered financial houses to use Ripple products. The two organizations will work closely together to improve current cross-border international remittances using blockchain solutions. In addition to CIMB, Ripple will also work closely with Siam Commercial Bank in Thailand on similar products.
As a result, XRP had a solid week to recover all the losses while the rest of the cryptocurrencies took a dip. This pushed XRP above Ethereum to second place in terms of market capitalization, which at the time of writing is about $ 20 billion. The gains of the virtual currency have seemed even better since Bitcoin and Ethereum have not yet shown signs of recovery.
The XRP received a second boost when the London-based fintech company, Amun, announced that it will quote a multi-encrypted exchange-traded product (ETP) in Switzerland. The product will be launched on the SIX Swiss Exchange, the largest equity market in the country in terms of capital flows. The good news for Ripple is that Amun has invested over 25% of the total allocation of the Swiss portfolio in XRP.
The third positive XRP tonic came from the Coinbase plant which said it was adding the token to its encryption platform. Customers can now securely store XRP on Coinbase, even if it is not yet possible to purchase it there.
The crypto community is deeply divided on XRP, with supporters who could usurp Bitcoin in what is known in cryptographic circles as a "flippening". He just "flipped" Ethereum, but would have to increase the market capitalization by almost $ 80 billion to overcome Bitcoin.
The majority, however, believes that XRP is too centralized as it is controlled by a company that has blocked 55% of the total guarantee supply. Furthermore, the debate about whether XRP should be considered a security is still ongoing. Securities trading is subject to much stricter regulation and control by the SEC, which seems to be why Coinbase has not yet listed for open trading.
In any case, Ripple's XRP kept his head well above the water, while his siblings had a tantrum for last week.