Despite the high-profile Ripple Swell conference and the announcement xRapid had gone live, Ripple Labs’ XRP plummeted by double-digits in a blow to the startup’s image.
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xRapid Launched, Three Customers Announced
Ripple Labs CEO Brad Garlinghouse did not disappoint the audience with confirmation that xRapid had launched as recently promised. The CEO has recently suggested he expected “dozens” of institutional XRP customers by the end of 2019.
Garlinghouse told the audience at the company’s Swell conference in San Francisco that xRapid had already attracted three companies: payment providers MercuryFX and Financiera Cuallix and Plano, Texas-based co-op finance company Catalyst Corporate Federal Credit Union.
xRapid allows financial institutions to remit cash globally within minutes. It uses Ripple’s native currency, XRP, to exchange between the origin and the destination fiat currencies. xCurrent is the software product currently in use by over a hundred banks and financial institutions. xCurrent does not use XRP.
Bill Clinton’s Keynote Speech Unleashed
Keynote speaker Bill Clinton was one among a star-studded lineup of guests at the Ripple Swell conference, which also included Gene Sperling, former advisor to Barack Obama, the Steve Miller Band, and Counting Crows, the latter two performing for the audience.
The Clinton keynote touched on a number of themes unrelated to Ripple, cryptocurrency, or blockchain technology, with the former president becoming sidetracked by issues as varied as assault weapons, the Rwandan genocide, and the Israel-Palestine conflict.
XRP Tumbles Despite Ripple Swell, xRapid Hype
Having doubled in price during the lead up to the event, XRP saw a drop-off of around 13 percent during the conference. Having tumbled around 80 percent from its peak at the end of the 2017 bull run, XRP began a resurgence last month that saw it rise to 60 cents. Its price has since eased and at press time is down more than five percent over the last 24 hours, despite the noise of the Ripple Swell conference.
Have your say. Were Ripple Labs’ announcements disappointing or was XRP’s price trajectory simply a case of buying the rumor and selling the news?
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