Will Ripple, rather than Bitcoin, convert the crypto cynics?
Ripple, the third largest cryptocurrency by market capitalisation, is forecast to “convert the remaining crypto cynics".
This prediction is according to Nigel Green, the CEO of deVere Group.
Green’s prediction comes as Ripple (XRP) experienced a spike last week, adding another $62bn to its market value.
XRP, an open-source technology built on the principles of blockchain, offers banks and payment providers an option to source
liquidity for cross-border payments.
Green, whose global financial advisory firm launched a crypto exchange app, deVere Crypto, this year, noted that Ripple has also recently broken some key resistance, such as $0.6500 and $0.6600, nudging it towards the important $0.7000 level against the US dollar.
He commented: “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.
“But the cryptocurrency market is, once again, now looking already significantly more bullish than it did in quarter 1.”
He added: “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 digitalised, 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.”
In Green’s view cryptocurrencies are now “really coming into the mainstream”.
Time will tell. But the real opportunity for wealth managers lies in Blockchain technology.