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Blog

Date:
14th Dec 2020
Author:
CryptoAltum Research Team

Ripple (XRP) Falls 15% Despite DeFi Hopes


The XRP snapshot was on Dec 12. Despite the confidence preceding the event, the Ripple price is down double digits, losing 15 percent in the last week of trading. Even so, at the back of this unexpected slip are strong fundamentals. For instance, over $134.5 million of XRP was sent to the crypto wing of the Japanese financial giant, SBI Holdings.


Details: 

Ripple is scalable and its native token XRP is a liquidity tool that financial institutions can use to facilitate the instantaneous borderless transfer of funds with near-negligible fees. Beyond remittance, the Flare Network will, once live, integrate XRP in DeFi, complementing other interoperable platforms like Kava through which the Hard Protocol, for instance, will allow borrowing and liquidity provision of XRP. Combined, this will expand XRP use cases as utility won’t only be from ODL users but DeFi. 


Impact on the XRP Price: 

Neutral to Bullish. Although Flare Network will activate in the coming days, it will introduce DeFi ahead of Codius--smart contracting in the XRPL, complementing the coin’s utility in other spheres such as lending--via SBI Lending, ODL, and other projects that integrate XRP once funded by RippleX.


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