The price of Ripple (XRP) surged from a low of 27 cents on Monday to nearly 33 cents on Wednesday, September 19, bringing it back into the range it was in before it tumbled on September 5. Volume is nearly double its 30-day high, peaking at almost $700 million USD in 24 hour volume. Part of this is likely due to the latest Ripple product announcement, as people FOMO’d in to buy the dip, driving the price of XRP back into its previous range.
Sagar Sarbhai, the head of Ripple’s regulatory relations of APAC and the Middle East has stated that the narrative about blockchain technology being good, and crypto being bad, is changing.
Sarbhai said, “A couple of years ago the narrative was blockchain good, crypto bad. But I think what we’re now seeing is that more and more regulators are taking the whole space in one conjunction [sic]. You cannot have runways built without airplanes… [T]hat narrative is thankfully changing, and policymakers are recognizing there is a strong benefit that digital (crypto) assets bring.”
This narrative has been echoed among international regulators, partly due to their concerns about people having the inability to form their own investment decisions without the strong arm of the government telling them what to do; and partly because of their concerns over how crypto may very well disrupt banking, commerce and economies in ways that are out of the control of government organizations.
According to Sarbhai, XRP is not a security, though he is clear that his opinion may not be the opinion of decision-makers at the SEC and elsewhere. He has cited more forward-thinking countries, like Thailand that have embraced crypto to a degree, and are now working out robust legal systems to frame their use. Granted, these same systems are touted as a method for protecting consumers from scams, and invariably, from their own bad decisions.
While regulations continue to evolve in the US and elsewhere, so too do cryptocurrency, blockchain and other projects. Sarbhai hinted that xRapid could go live in about a month. He stated, “I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,”
Dennis Consorte has an appetite for news and information about cryptocurrencies, blockchain, IoT, fintech, adtech, martech and other technologies. He also has over 20 years’ experience in digital marketing and content strategy.
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