We’re closing in on the 12-month anniversary since the bull run which occurred in December last year and sent Bitcoin to almost $20,000 and over the course of the past few days, Bitcoin has been seeing some significant drops which begs the question, will the price continue to drop?
Last week saw Ripple have some sharp surges following a news report that said the company was aiming to partner with SWIFT, the biggest provider of global financial messaging services.
As was reported by atozmarkets.com, the member-owned cooperative play a significant role in the world economy with banks making the best use of its services such as interbank wire transfers, where the corresponding bank will receive a message through the SWIFT network.
With the news of a potential Ripple/SWIFT collaboration, this pushed the price of Ripple from $0.49 to a high of $0.53. What followed was confirmation from the CEO, Brad Garlinghouse who said that no such partnership would be taking place.
In a recent interview with Bloomberg, Garlinghouse explained how blockchain and banking can work well together which is in contrast with what SWIFT believes.
“SWIFT said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree. What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”
Unlike other cryptocurrencies like Bitcoin and Ethereum, Ripple has different outlooks. Bitcoin was designed to replace fiat currencies whereas Ethereum was developed for helping smart contract business.
But Ripple is different as it was simply built to make international remittances easier.
Currently, Ripple is the red with a 4% decrease and its market cap is $20,030,067,464. The token is currently priced at $0.498 at the time of writing.
If take a look at an analysis of Bitcoin it has been on a sort of ‘freefall’ over the past few days. The price dropped from a high of $6,510 to a low of $6,196. The Bitcoin/USD pair’s moving averages look to a continuous decline for the pair.
What are your thoughts? Let us know what you think down in the comments below!