Ripple Swell 2018 fails to impress, XRP prices remain under pressure
Ripple, the payment startup, took the crypto community by storm with its latest event - Swell 2018. Swell, hosted by Ripple, saw prominent people of the banking and blockchain world give their insights about various subjects regarding the fledgling industry. The event also had speakers from different organizations, who praised Ripple for the success of its payment systems. The event marked the progress of the company's foray into the global payments space and its attempt at delivering faster financial transactions to people across borders.
Former U.S President Bill Clinton, Swell's main attraction, spoke about a wide range of topics during the event. Many noticed that his knowledge about the blockchain industry was limited. He referred to blockchain as 'the whole blockchain deal' and went on to talk about a range of other subjects like migrant children, banning assault weapons, identity politics, the Rwandan genocide, the movie "Black Panther," and his new novel. While Clinton disappointed the audience, Ripple's CEO Brad Garlinghouse spoke about the friction in the global payments system and how the 'internet of value' can be used to resolve this friction.
Elaborating on Ripple's mission he said, "It’s about the opportunity to be a builder — to partner with industry and enable something that hasn’t yet been seen: the dawn of another era in globalization. We can truly enable an Internet of Value. We can enable money to move in the same way goods and data. We can enable global commerce to accelerate, industries to grow and a new segment of the population to be brought into the fold.”
Reaching the masses
Ripple unveiled a "Blockchain in Payments Report", which indicated that adoption of blockchain-based payments reached critical mass this year. Also, more institutions are exploring and integrating blockchain to their payments system. The report had surveyed 700 payments professionals across industries about global blockchain adoption, their interest in digital assets and general understanding of the benefits of this technology.
The report found that 45 percent of those polled were already in production, piloting projects or close to signing a deal with a blockchain provider. Out of the 85% who have used blockchain in production have shown interest in using cryptocurrencies as a form of payment.
The Necessary Evil
The crypto regulation conundrum was also mentioned at Ripple Swell. Speaking at the event Sunil Sabharwal, former alternate executive director of the International Monetary Fund (IMF), said there was no global consensus regarding a regulatory framework for the industry. “The companies need to cooperate, and there are geopolitical issues in getting countries to come together and share their approaches to cyber threats, as it relates to cryptocurrency," said Sabharwal.
He went to say that the regulatory authorities lacked appropriate training when it came to regulating a digital asset. He claimed that many central banks lacked anti-money laundering training.
XRP price reaction
The prices failed to reflect the bullish sentiments of the XRP community. XRP fell by 13% during the event. The prices which were trading at $0.60 on Sunday fell to $0.52 during Tuesday. XRP also lost a recent battle with Ethereum to become the second largest crypto. The cryptocurrency overtook Ethereum for a brief time before falling back to its original position. The most important event to the Ripple community clearly failed to move the XRP values up.
Ripple Swell was held after the Ripple community demanded that the company conduct a program which featured fintech leaders. Swell gave Ripple and its technology apt coverage as many experts and heads of different institutions spoke about the benefits and potential of this technology. The event brought more popularity to Ripple as the company announced their product, xRapid, going live for the first time after its testing phase.
Image via Shutterstock
Join our telegram group