On a quick glance of the Coinmarket Cryptocurrencies’ performance, XRP exhibits bullish gains in a sharp contrast to other Coins. The positive trend on Ripple is attributed to the sentiments by Ripple’s Chief Market Strategist, Corry Johnson, who has revealed to Breaker Magazine that the White House and Ripple are in talks about the future.
Immediately after the news hit the headlines, XRP prices surged upwards by 10%. However, downwards market pressures have since slowed down the upswing to 1.85% according to the latest market data. However, this still represents the best performance in the last 24 hours. Currently, XRP is changing hands at $0.45 and the market capitalization of $18.179 billion is steadily closing in on Ethereum’s $21 billion.
The Announcement Also Affected Other Cryptocurrencies
Within an hour after the event occurred, tremendous results were not only evident on Ripple’s gains but also on other Coins. For instance, Ethereum (ETH) price that had been under downward pressures and was unable to cross the $200 level of resistance crossed the mark. It is now trading at $210 for the first time in a week.
Bitcoin price has also been able to overcome the downward pressures that threatened to tumble the price towards $6,000 and is now trading at over $6, 600. The result is replicated across the market spectrum and it is safe to say that Ripple may soon have Bitcoin power to influence market trends. Experts are confident that the White House endorsement not only means that the Trump administration gives Ripple the green light to operate but also means that the entire government has a positive view of Cryptocurrencies hence the change.
Why Does The White House Have Interest On Ripple?
Ripple is the latest US-based company to benefit from the US-China Trade war. Donald Trump bragged in last month’s United Nations’ Summit in New York that he was winning. This was because China has run out of US exports to tariff after the US slapped sanctions on $200 billion worth of goods versus China’s retaliation on $60 billion.
It seems that the White House is taking the battle to a new level by targeting Blockchain and Cryptocurrencies. Donald Trump and His administration believe that China has control of Crypto mining a factor that does not go down well the Americans. Therefore, Ripple has been identified by the administration as a Blockchain platform that is to be transformed into an American brand as the US seeks to have its Digital brands dominate the world.
According to Corry Johnson’s, Ripple’s Market Strategist, interview with the Breaker Magazine, the talks are ongoing and he gave a sneak-peak onto a bright future of Ripple not only in the US but also in the world. This is because the White House is giving the company a silver bullet.
Ripple’s Weakness Is Also Its Strength
Ripple has always been criticized as not being a true Blockchain platform as it is centralized. However, this aspect has made it have an undue advantage in mainstream institutions that seek to apply Blockchain technologies in their network. Some of these firms include Japan Consortium Bank, Standard Chartered, Santander, etc. The major Ripple features that are causing shocks across the globe are xRapid, XPring to name just but a few.