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XRP Is Up 30% On September As Bitcoin Flatlines—Ripple Sees It Going Even Higher – Forbes


The bitcoin and cryptocurrency field is already crowded and only going to get more so.

Ripple’s XRP, one of the oldest bitcoin rivals and the third largest cryptocurrency by market capitalization, has endured many of the cryptocurrency industry’s ups and downs since it was released in 2012, earning its fair share of fans and detractors along the way.

Now, after falling steadily so far this year, XRP is on the up, adding some 30% to its price since the end of September–and blockchain payments network Ripple, which created the token and owns some 60% of it, is working to see the XRP price climb even higher.

Yesterday, Ripple revealed it sold $66 million worth of XRP in the third quarter of 2019–down 74% from sky-high sales of $251 million in the previous quarter.

Ripple faced a backlash at the end of last quarter after its record XRP sales, with many accusing the company of dumping XRP and flooding the market, causing the XRP price to plummet.

The report took aim at those suggestions, claiming an “uptick in FUD (fear, uncertainty and doubt) and the spread of misinformation about XRP,” is to blame for accusations of price manipulation.

“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,” Ripple wrote, adding it “will continue to take proactive steps to address misinformation and FUD while being a responsible and transparent stakeholder of XRP.”

Earlier this week, ahead next month’s Swell conference, one of the biggest events in the XRP calendar where Ripple has previously made big announcements, Ripple chief executive Brad Garlinghouse has been out talking up the company and its XRP token.

“The XRP ledger is roughly 1,000 times faster per transaction and 1,000 times cheaper per transactions [than bitcoin],” Garlinghouse told bitcoin and crypto venture capitalist, Anthony Pompliano on the Off The Chain podcast.

[XRP is] the only example of crypto and blockchain being used at scale, period.”

At last year’s Swell Ripple introduced xRapid, a payments network designed to use XRP to make payments for financial institutions quicker and cheaper.

Meanwhile, Garlinghouse has boasted about both the amount of cash the company has and its pace of deal-making.

Ripple is inking “two or three” deals per week financial institutions and is sitting on a cash pile of $305 million, Garlinghouse told Silicon Valley insider news outlet The Information this week.

Garlinghouse also slammed Facebook’s cryptocurrency project, libra, which has provoked the ire of global technology and financial regulators, with its proposed Libra Association, meant to govern the new currency, crumbling.

“I think that the way they approached it demonstrated, frankly, [from] my point of view, arrogance in how they rolled it out,” Garlinghouse told attendees at an Information event.

“I think Facebook did not appreciate the trust deficit they had.”



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