Swell, a Ripple sponsored event that connects the world’s leading experts on policy, payments, and technology for dialogue in global payments is here. As predicted by BlockPublisher weeks ago, Swell served as a launching pad for Ripple’s software solution xRapid that is an XRP-based project that offers on-demand liquidity, lowering the costs of transactions.
xRapid went live for the very first time and is now commercially available and moving into production with multiple customers, including MercuryFX, Cuallix, and Catalyst Corporate Federal Credit Union.
The CEO of Ripple also announced that Bittrex will act as the digital asset exchange for xRapid transactions that move through USD. Also, Bitso and Coins.ph will be preferred for Mexican Pesos and Philippine Pesos, respectively.
Former US President Bill Clinton also attended Swell as a key speaker. His comments on technology were not the idealistic expression speakers usually hand out at these kinds of events.
Honestly, investors were more interested in what happens with XRP, the native cryptocurrency of Ripple more than the event.
And they were disappointed.
The supposed high-time XRP had to have after the event never came.
The XRP price has fallen from recent highs of $0.61 since the beginning of Swell event, dropping to $0.58. It is currently trading at $0.52 (as per www.coinmarketcap.com).
Ripple has maintained a constant news portion since the news of PNC’s join-in to Ripple Labs. It briefly took over Ethereum in terms of market cap. but lost it merely a day later.
Just to remind you that Ripple has majority stakes in XRP. There are a total of 100 billion XRP tokens. Ripple has the ownership of 60% of these tokens. 55 billion of the tokens are kept in an escrow account by the company that will release a defined amount of tokens after regular time intervals ensuring that Ripple never floods the market with XRP. 13% of the digital currency is accessible by Ripple.
The fading out of the positive sentiment that started since PNC is justified but xRapid should have dragged XRP from the ‘below-a-dollar’ price that has stuck to it since the global crash of cryptocurrencies. Were the investors were playing too safe?
Undecipherable investor psychology back at play here.