The cryptocurrency market is once again looking significantly more bullish than it did in the first quarter.
After the cryptocurrency market somewhat overheated at the end of 2017, thanks largely to investors piling in, pushing bitcoin to an all-time high of more than $19,000. There was a major, natural price correction in the first quarter of this year of most of the major cryptocurrencies.
This latest upward crypto market trajectory can be attributed to the fact that institutional and retail investors are increasingly appreciating the fundamentals, such as the need and demand for digital currencies in a digitalized, tech-driven age.
Also, there is now huge awareness that blockchain, the technology that underpins the likes of bitcoin and Ripple, is likely to be the world’s next major disruptive technology.
Cryptocurrencies are now really coming into the mainstream. But there are still some critics of the crypto revolution. However, I believe that Ripple (XRP) can be expected to convert the remaining crypto cynics.
This is primarily due to Ripple’s apparent emphasis on integrating with banks and other financial institutions.
For instance, the banking giant Santander recently launched a foreign exchange service that uses blockchain technology developed by Ripple to make same-day international money transfers. It is also reported to be in talks with other major global banks and money transfer groups to develop similar products.
However, cryptocurrencies remain highly determined by market sentiment. Caution must be exercised and professional advice should be sought.
By focusing its development strategy in this way, Ripple is likely to help change the perception of crypto, expand its own value and co-lead the shift in the way the world uses, manages, accesses, stores and exchanges money.