There has been a substantial divide between the traders and the far-thinking supporters of Ripple’s XRP on the recent movements in the price of the coin. Nowhere has this been more succinctly put than in David Gokhshtein’s recent Twitter rant regarding traders who use charts to show that XRP is not worth investing in.
Where are all the $XRP haters who don’t like making money? 🤷🏻♂️
— David Gokhshtein (@davidgokhshtein) June 28, 2019
The finance writer and entrepreneur aimed a tirade at a large number of traders and analysts who only look at price movements of a coin and fail to grasp any other undercurrents regarding the future of the currency. He included a tweet by Moneygram showing how important Ripple could be to the world’s financial system at massive if used correctly.
Moneygram and Ripple teaming up for the win
Ripple’s recent investment of 50 million US Dollars into Moneygram is a testament of how far things have come for crypto startups. Five years ago, the mere mention of a crypto startup investing into an established financial provider such as Moneygram would have been unheard of. Now, it is becoming more and more common.
27th June 2019
Moneygram CEO on @Ripple partnership
"From a platform perspective #xRapid and #XRP as an asset is the absolutely the best one to use for settlement" "We have the liquidity and not the speed and #Ripple has the speed so it’s a perfect partnership"#XRPcommunity pic.twitter.com/XObg1fbnIq
— Dillon (@Dillon) June 27, 2019
The Moneygram CEO released a video on the internet explaining the perfect symbiosis that partnering with Ripple provides to the remittance focused finance house. In particular, he mentions that Moneygram has a lot of liquidity and ready cash – something that is notoriously absent from many crypto startups due to banks shunning them.
What Moneygram does not have is the speed of transactions. That is where Ripple can help immensely and bring their product offering to the fore. Once Moneygram and Ripple integrate, big things are expected.
It will not only lead to a drastically lowered fees for money transfers but also immensely improved speeds (and the required trust that those transactions are legitimate) along with the decrease in prices.
While Moneygram is not as large as Western Union, it is still a substantial, globally focused money transfer company that is positioned to bring the benefits of blockchain to the masses. This is a crucial aspect of blockchain adoption that many have ignored. People do not need to know about blockchain to use it. Just like people don’t need to be mechanics to drive a car, they don’t need to know anything about blockchain to be able to benefit from cheaper and quicker transfers of their funds.
Traders still doubtful over the future of XRP itself
However, that doesn’t mean the fears of traders is baseless. The price of the currency does not reflect, at this point in time, the usefulness of Ripple technology. It might never reflect it. Just because XRP might be used much more in the future, it does not mean that it will be available to the trading public.
That makes many think twice when buying or selling the cryptocurrency. The price could stay low, despite being used around the world every day, and this is not what traders are looking for. The reason why Bitcoin is so popular among traders is that there is money to be made from pure trading while leaving the business aspect of the cryptocurrency to others.
At the end of the day, both Ripple (XRP) camps have valid points, but the broader implications of the first group could prove to be stronger than the purely short term financially motivated outlook of the second camp.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.