Ripple exponential price comes to a halt amid suspicions about actual bank adoption

Ripple, the centralized cryptocurrency, introduced by the Ripple Labs has exponentially increased in December making it the second largest cryptocurrency in terms of market capitalization. Ripple grew by 200% over the last 2 weeks and since the last one year grew by 56,166.66%, making it the best performing cryptocurrency in 2017.

The meteoritic growth now brings tons of questions about the actual adoption of the ripple tokens by banks around which the whole price rise is relied on. While the Ripple Labs, which started Ripple, the gross settlement system on top of a private blockchain, lists a leading set of banks on the advisory board, gives details about successful pilot conducted by various banks, some believe that the price to ripple adoption ratio currently doesn’t make sense.

Rippe, the company behind the XRP token has also contributed to the ambiguity among XRP investors. While it lists successful pilots among various banks, the majority of them from Japan, there’s no actual usage among banks. The current CEO of the Ripple refuted an allegation that there’s no actual usage by banks from an NYT Reporter on Twitter.

The NYT reporter and the Ripple CEO disagreed on how the banks feel about the XRP token. The conversation ended with the Ripple CEO calling out the reporter. Sometime later after that, the original twitter handle from Ripple, has posted news that 3 of the 5 major money transfer service have agreed to use the XRP tokens in 2018, if this is indeed true, it would give a big boost to the token price and credibility of the network as a whole.

The current price of the XRP token is dwindling between $2.60 to $2.75 in the major exchanges like Bitfinex and Binance where the majority of the traders trade Ripple. The demand though has seemed to still exist with Binance closing the new user registration for a couple of days.

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