Ripple have been making a stir in social media all week, with Ripples CEO Brad Garlinghouse keeping the media busy in various interviews and Ripples upcoming Swell conference next week there is certainly a buzz within the Ripple community.
The latest news to come out is regarding a new initiative created by Ripple to try and encourage banks to adopt the Ripple platform, the company are offering $300M in rebates to banks that adopt the Ripple network, this rebate will be paid out in XRP or USD. From the Ripple website:
The Adoption Marketing Incentive will match eligible customers’ marketing spend when they promote Ripple-powered products and services to their end-customers. Ripple will support participating customers’ marketing efforts with tailored marketing content, messaging frameworks and tools, further reducing their marketing costs.
This incentive is available on a limited, first-come, first-served basis to financial institutions globally and can be earned through XRP or USD. Selling restrictions will apply to customers that elect to receive their rebate in XRP to support healthy XRP markets.
Ripple also had another boost this week when they learned they gained an early victory in court this week against it’s rival R3 who were attempting to sue Ripple for reneged on an agreement in which R3 could exercise options until 2019 to purchase up to 5 billion XRPs at a price of $0.0085 per unit:
Ripple then decided to countersued R3 and it looked like the whole thing could get rather messy, until yesterday that is when Ripple’s CEO Brad Garlinghouse announced the victory on Twitter:
XRP, Ripples native currency has seen a huge boost over the last week reaching a value of around $0.27 per XRP earlier in the week, even through the recent Bitcoin bull run we’ve seen the value stay relatively stable at around $0.25. With analysts expecting further gains for XRP over the coming week as the Swell conference begins traders should keep a close eye, it could be a very interesting and more importantly, profitable week.
Whether you think Ripple and it’s XRP token is a scam, or a bankers coin that should be burned at the stake for supporting the old corrupt banking system it’s hard to ignore the potential gains. If we can use these financial giants to allow us to become free from the very system they represent then we should do it. Ripple’s aim is to help the old banking infrastructure step into the modern age of transactions in a centralised fashion, while Bitcoin and most other cryptocurrencies are about decentralization of wealth, ultimately via Bitcoin we would like to destroy the elite banking structure altogether.
We support the latter, i.e decentralization of the entire economy. The criminal banks have ruled the World for far to long. However, we are realistic and this total removal of the old economic system is likely to be around for some time to come. So rather than shun Ripple and XRP, it is far better to realise it’s potential an make some money while the company grow.
You can always sell your profits for Bitcoin after all.
Disclaimer: Statements contained within this post do not represent the views or policies of anyone other than the writer. The information contained within this article is provided for discussion purposes only, and are not investing recommendations. Under no circumstances does this information represent a recommendation to buy or sell securities.