This article was written by NEWSREP guest author, Dustin Ivers.
Ripple’s XRP made huge gains overnight reaching 26.8 Billion on Friday. Cryptocurrency investors are “buying in” on the news of a product anticipated to be released in the coming months that utilizes XRP to lower liquidity cost of payments cross-borders.
XRP’s boom is a fine example of perception becoming reality. The world of investments is notorious for succumbing to massive gains and losses from mere rumors or a figurehead stating an assumption in the form of a prediction. The baffling trend that emerges over and over is that when someone with any level of perceived credibility talks, investors react in the form of buying or selling – quickly manifesting whatever was said to become true.
This latest gain of 185 percent in XRP value owes its boost to the Head of Regulatory Relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarbhai. Sarbhai told CNBC that Ripple was making progress with a new product, xRapid, which is designed to aid banks in reducing costs and speeding up transactions by using solely XRP cryptocurrency. “I am 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.”
The xRapid will use XRP as a bridge between currencies allowing banks and payment providers to process international transactions faster. However, Ripple already has a similar product, xCurrent, which more than 120 banks are currently partnered with as well as Western Union and MoneyGram.
According to the BitCoin Exchange Guide, xCurrent is an “enterprise software solution for banks and other financial institutions. It can be used to send and receive cross-border payments.” The benefit of xCurrent is its “end-to-end tracking and bi-directional messaging.” With xCurrent, users are able to monitor every step in the transaction process – limiting surprises by providing transparency. The difference between the two is that xRapid “provides low-cost liquidity solutions for emerging markets with the goal of using XRP to lower liquidity costs of payments.”
Stating that a product is currently being developed to utilize XRP as leverage for liquidity was all that was required to gain billions of dollars worth of investor attention. In the current state of fake news, censorship, and propaganda, cryptocurrency is no exception. Recently two writers from Crypto Briefing were banned for 30 days from the Ripple subreddit for posting a “scholarly and intelligent assessment of the steps that Ripple labs have taken to distance themselves from the XRP token.” The article, Did Ripple Divorce XRP Just To Pass The Satoshi Test, written by Andrew Macdonald, suggests that Ripple Lab’s attempt to distance themselves from XRP has been with the intent of “helping the token avoid being designated by the U.S. Securities and Exchange Commission (SEC).”
If Ripple was avoiding XRP to help them from being designated by the SEC, this information would not provide XRP investors with the confidence needed to buy. Utilizing the censoring of negative press while spreading the positive enables those with such abilities to manifest their desired destiny. Shaping perception drives investor actions, which creates a manufactured reality and increased control of value.