This week, the value of Ripple has taken a dramatic turn, slumping to a value of just $0.76, from $1.07, as recorded on Monday. The value of the currency has seen a steady decrease throughout the week, yet whilst it does seem to be on the up again, this slope is something that shouldn’t be ignored, considering how closely it coincides with the announcement of Ripples new chief market strategist- Cory Johnson.
Johnson joined Ripple and XRP in a move from Bloomberg Television, according to CNBC, his role will be primarily to help explain the currency to investors. With that in mind, I might argue that this sudden drop in the currencies value, in line with Johnsons appointment does start to ring alarm bells.
Even more concerningly, at the start of the year Ripple was valued at just over $3.00, three months down the line and the announcement of a new figurehead and the currency is barely treading water at just over half a cent.
How does Johnson fit into this trajectory?
As the face of Ripple, Johnson’s role is simply to break down the jargon and talk to investors about Ripple and XRP. He’s got to be familiar with the story of the company, its aims and objectives and also, he’s got to get investors on board. This new stoop in value might make his job a little bit harder, but there’s nothing quite like being thrown into the deep end is there?
I can imagine that right now Johnson has his hands full trying to work out why the value has dropped so significantly this week, in order to work out how to reassure investors that this is just a temporary blip. Whilst Johnson is not directly responsible for the value of Ripple, his next moves are going to be key in ensuring it is able to hold more value in the future.
On a slightly lighter note, Johnson does seem to be fitting in at Ripple. According to CNBC he’s already noticed a keen observation about his co-workers, stating that “They move a thousand miles a minute, around the globe like their pants are on fire”.
Perhaps he didn’t really know what he was signing up for when he took the job?