Ripple announced on Monday that sales of XRP have spiked 1760% since the first quarter of 2020. Before the promising 2nd quarter numbers, Ripple’s volume had been on a long downtrend and the $32.55 million dollar breakout is the first sign of life XRP has shown in nearly a year.
Many in the cryptocurrency space have been awaiting Ripple’s XRP to embark on a bull run and return to levels last seen in 2017-2018.
Back during the last major crypto bull run, XRP reached a valuation of $3.84 per coin on pure speculation. Now Ripple needs to deliver the worldwide payment system they promised in order to find new peaks.
The “Group of Thirty” or G30 is made up of some of the world’s leading financiers and they are starting to believe that Ripple could soon deliver a truly disruptive product.
“It is possible that such a stablecoin could be valuable for cross-border payments, serving a function similar to that offered in the private sector by Ripple, a real-time gross settlement system, currency exchange, and remittance network whose digital currency, XRP, leapfrogs slow and expensive correspondent banking.”
The facilities that could be delivered by Ripple excites the body of financial experts. In fact, G30 thinks tokenization could change the entire banking sector. But Ripple stands out as an entity that can work with governments and current financial superpowers.
“The libertarian view that a superior private sector currency (such as a cryptocurrency) could somehow supplant a government currency is utterly naïve. The long history of currency shows that while the private sector may innovate, in due time the government regulates and appropriates. Currency competition between the private sector and the public sector is never a level playing field.”
The high sales numbers were definitely welcomed by the Ripple community. But, according to data from CryptoCompare, XRP’s global volume did not spike along with the sales in the second quarter. The average daily volume dropped from $322 million to $196 million. And the total volume by dollar value dropped $29.68 billion to $17.86 billion.
Perhaps the future use cases of Ripple described by Group of 30 will drive the volume of the asset and further push its value in the near future.
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