Ripple’s Brad Garlinghouse Try to Tell The Importance of Cryptocurrencies To Banks – Will XRP Rise?

The core principles of blockchain technology are anonymity and decentralization. This is why in the early stages of Bitcoins development, it was often associated with black market dealers who wanted to make illegal transactions that cannot be tracked or controled by financial institutions. However, as time passed, people began to see that cryptocurrencies aren’t just useful to criminals but to everyone in the society including these financial institutions.  That is why the CEO of Ripple, Brad Garlinghouse, spends a lot of time convincing banks of the importance of switching.

Ripple News Today – Deutsche Bank and Citibank Using XRP

During a recent speech with Kara Swisher at Recode Decode, he talked about the importance of cryptocurrencies to banks. If these banks finally see the importance of blockchain technology and decided to use switch sides, what will happen to the price of XRP or the XRP price prediction? He said;

 “That’s actually forward progress. You went from illicit activity to speculation, and today you’re going from speculation to utility.”

To Garlinghouse, anonymity should not be a requirement for the use of cryptocurrencies or blockchain technology. After all, if legacy institutions are to adopt it, they need to put some KYC and AML systems in place. He continued;

“We want to change the system by working with the system. These are profound technologies that can really benefit society in lots of ways. We can reduce the friction of global commerce, we can allow people globally more access to the economies around the world to compete. I think that’s actually a really good thing.”

So far, Garlinghouse has been able to convince reputable financial institutions to use the Ripple protocol including Deutsche Bank and Citibank. These banks have started using XRP because they have seen that cryptocurrencies have an important role to play in the future. With Ripple’s protocol, these institutions will be able to offer services to billions of unbanked people across the globe.

Ripple XRP Price Prediction 2019

ripple price

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.217
-1.38%

If more banks want to use cryptocurrencies and blockchain technology, the first protocol they will consider is Ripple’s xRapid. When this happens, massive adoption will follow. As the adoption grows, the price will grow as well. Eventually, XRP, which is used as liquidity for the xRapid protocol, will become the most important cryptocurrency in the world.

Ripple Price Analysis – Will XRP Go Up?

After a sharp decline, ripple price found support near the $0.3800 area against the US Dollar. The XRP/USD pair traded as low as $0.3802 and recently started an upward move. There was a break above the $0.3920 resistance and the 100 hourly simple moving average. The price slowly moved above the $0.3950 level and the 23.6% Fib retracement level of the downward move from the $0.4300 swing high to $0.3802 low. Moreover, there was a break above the $0.4000 level.

According to the latest Ripple price analysis on newsbtc; if there is an upside break above the $0.4110 and $0.4120 levels, there could be more upsides in the near term. The next key resistance is near the $0.4200 and $0.4220 levels.

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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