While Bitcoin and Ethereum are stable at $6,370 and $211 accordingly, Ripple has surged 20% over the past 24 hours, climbing to $0.32. According to analysts, this surge is mostly due to the fact that a major Saudi Arabian bank recently joined RippleNet, the blockchain network behind the cryptocurrency.
However, this is not the only scenario that could have grown Ripple’s price. As we reported a couple of days ago, Ripple announced that a new cryptocurrency product will go live next month but the coverage was focused on the regulatory side of the market, rather than the actual product.
The head of regulatory relations at Ripple for the Asia-Pacific and Middle East market recently stated:
“A couple of years ago the narrative was: blockchain good, crypto bad. What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction. So, I think that narrative thankfully is now changing because policymakers, regulators are seeing that there is a strong benefit that digital assets, cryptocurrencies bring in,”
Ripple’s surge in value hasn’t stopped. Aside from ETH, it is one of the few assets that have experienced extremely intensified movements on the downside in the past few months, performing poorly against Bitcoin and the US dollar.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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