Earlier, Live Bitcoin News reported that this month’s biggest performer was arguably Ripple’s XRP, and that the third-largest cryptocurrency was experiencing the most action as of late. While bitcoin, Ethereum, Litecoin and bitcoin cash were all traversing through the doldrums, it was XRP that was making the initial rounds of success through the crypto industry.
Move Over BTC; XRP Is King
What’s ironic is the fact that so many cryptocurrencies spent the first half of the year experiencing solid gains in their prices while XRP experienced several drops in a row. Bitcoin, for example, initially spent the first half of the year jumping from about $5,000 in early April of 2019 to just under $14,000 a few months later.
However, the crypto bloodbath of late September really took a nasty effect on several forms of crypto, with bitcoin falling from about $9,500 at that time to just over $8,100. The currency lost about $1,400 in just a matter of minutes, and it wasn’t long before many of its altcoin cousins followed suit.
XRP decided to take its own route, however, and it’s been the only currency that’s managed to sustain some form of formidable momentum. Sure, the currency initially fell to about 23 cents late last month, but it has since jumped past the 30-cent mark, thereby increasing its price by roughly 30 percent.
Much of the work behind XRP’s rise to greatness over the past month, according to one source, has to do with Ripple executives themselves, who are allegedly working to increase adoption like crazy. Over the past few months, Ripple has been under fire thanks in part to allegations of price manipulation.
As it stands, Ripple executives still own more than 60 percent of current XRP units, which in many ways, makes it something of a centralized currency. This goes against all the basic notions of digital currency and puts the currency’s status as a non-security in question.
Executives have recently released a report knocking these allegations aside. They claim they’ve done nothing to boost or change XRP’s price in any way, with the document explaining:
It’s on all of us to rise above the FUD and the tone-deaf who treat digital assets like a religion instead of technologies that can solve real world problems. [We] will continue to take proactive steps to address misinformation and FUD while being a responsible and transparent stakeholder of XRP.
Making Things Happen
CEO Brad Garlinghouse is also out there promoting his “baby.” In a recent interview, he comments that the company is close to inking “two or three deals” at press time. He also states:
The XRP ledger is roughly 1,000 times faster per transaction and 1,000 times cheaper per transaction [than bitcoin.] XRP is the only example of crypto and blockchain being used at scale. Period.