During the early doldrums of 2018, Ripple (XRP) was often seen as a bastion of public adoption. Their strong inroads into the traditional finance sector gave them a sense of legitimacy that other cryptocurrencies lacked. However, the continued downslide of market capitalization across the board has hit the payment protocol hard. XRP is now down over 90% from their all-time high of $3.75, with a price per coin of only $0.27. Despite this, Ripple continues to forge ahead with new projects.
The cryptocurrency market as a whole continues to suffer from an overwhelmingly bearish outlook. Top cryptocurrencies are losing value – often in double digit percentage plunges. Bitcoin continues to hover around the $6,000 mark, while Ethereum has tanked to under $300 per coin. Money is wicking away from altcoins and back into Bitcoin as the market consolidates – waiting for any type of bullish trigger.
Bill Clinton and the Swell Conference
In a confusing move, the Ripple Foundation has tapped Bill Clinton for their Swell conference in early October. While former President Clinton is sure to be a big draw for the conference itself, his relevance to the current technology scene is questionable. Bill Clinton oversaw the rise of the Internet in the 90s – and fostered its growth partly through his own policies. However, that was over 20 years ago and he has not remained involved with the tech scene since.
The Swell conference is touted by Ripple as a global forum for discussing the next generation of payment protocols and digital currency. Ripple’s leadership in this section of the industry is undisputed, and the conference is sure to provide a networking opportunity for some of the world’s leading minds in cryptocurrency. For the average investor, they will not see much beyond President Clinton as a keynote speaker – a strange ambassador for the future of currency.
Ripple and Madonna Partner for Charity
In another blast from the past, Ripple has partnered with Madonna and her “Raising Malawi” charity. They announced that they would match all donations during her 60th birthday fundraising drive. Madonna has long been a supporter of the impoverished African nation – but Ripple’s inclusion is something new entirely. Ripple has a history of charitable acts, including a $29 million donation to US school projects earlier this year.
While no one will fault Ripple’s altruism, their sudden decision to associate with celebrities from the past century is confusing. The average cryptocurrency investor is younger, on average. This means that they are less likely to be wooed by celebrities from the 1980s and 90s. While both Bill Clinton and Madonna make sense in their individual positions, the combination of announcements is a bizarre callback to the 1990s.
Article By: Adam Stone