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Ripple CTO David Schwartz: We need bridges to banks to attain mass adoption

Akash Anand

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Ripple CTO David Schwartz: We need bridges to banks to attain mass adoption
Source: Unsplash

The cryptocurrency industry has been abuzz with chatter from many famous personalities in the space. On the 10th anniversary of the Bitcoin [BTC] genesis block on January 3, Brian Armstrong, the CEO of Coinbase had given his remarks on the event, a discussion backed up by David Schwartz, the Chief Technology Officer of Ripple, as well as other proponents of XRP.

Armstrong had tweeted:

“Bitcoin is one of the most important inventions of all time and has launched a global movement. It’s awesome to see an entire ecosystem spring up around it, but Bitcoin is my first love.”

The discussion was fueled by many opinions from others in the space with David Schwarz stating:

“Banks are where the value is today. We need bridges to where today’s value is if we’re going to get mass adoption. The Internet got most of its early growth from the military and existing centralized information services for much the same reason.”

Schwartz’s comments come in the wake of Ripple’s partnership with multiple banks in the financial sector, and some reports suggesting that the cryptocurrency company has been creating tie-ups at the rate of one bank per week. A user on the thread also had a query if Ripple needed the price of XRP to rise or whether the difference does not make any difference to Ripple’s ambitions. As a reply, a report stated:

“When bitcoins sold for $1, you couldn’t really use them to buy or sell a house. You can now. Bigger transactions require a bigger value. The higher the price of XRP, the larger the payments Ripple can target.”

Other than the positive comments about XRP, there were many attacks too, with some users calling XRP a ‘cute little fiat token’.

“XRP was also in the news recently when the TRX/XRP pair was launched on Bitrue, a Taiwanese cryptocurrency exchange. Bitrue has also said that they will be announcing the remaining four pairs by the end of this week.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

XRP

XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’

Akash Anand

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Source: Pixabay

The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.

A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,

“$XRP update:
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”

Source: Twitter

Source: Twitter

There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.

At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.

XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,

“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”





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