The Ripple effect – one of the only “centralized” currencies in the crypto space is gaining massive and huge gains regardless of the negativity from all decentralized crypto lovers. Yesterday alone, ripple saw a massive gain of about 84% just in less than 24 hours, overtaking Litecoin to become the 4th cryptocurrency in terms of Market capitalization at around $18B. Ripple has seen a lot of partnerships over the years but which of them could be causing this spike in price?
AMEX – Ripple partnership, the reason behind the price spike?
Added to the basket of partnerships is a recent ripple partnership with American Express which is aimed at solving liquidity shortfalls in remittances offering instant blockchain based payments. The CIO of American Express had this to say following the partnership deal ” this collaboration with ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world. ”
Ripple may have also benefited from the Bitcoin features listing on CBOE which is also thought to have brought the entire cryptocurrency space one step closer to mass adoption. Ripple is never the less considered as one of those fallbacks for crypto traders during market volatilities given its more stable nature. During the months of September till November Ripple was stable at around $0.21 for before recently hitting new highs of over $0.49.
It shouldn’t be forgotten that ripple has more than 100 clients testing their service and 75 of the clients have moved from the testing face to the production face according to an interview with the European director of the company. Many crypto skeptics also say ripple stands the chance of survival and acceptance of governments should there be a crackdown or ban of decentralized cryptocurrencies advising crypto investors to have part of their investments in Ripple.
What are your thoughts on the Ripple effect of Bitcoin’s price? Do you think Bitcoin features on CBOE and AMEX partnership plays a role on this?
Please let us know your thoughts in the comment section below.