As first pointed out by Mati Greenspan, an analyst for eToro, the current market rally followed the XRP surge, which occurred roughly 5 minutes before other major cryptocurrencies began to increase in price.
Indeed, it does appear that $XRP is leading the current rally.
Check the green line in this chart, started to surge about 5 minutes before the rest of the pack. pic.twitter.com/5t3fkvOXxM
— Mati Greenspan (@MatiGreenspan) January 30, 2019
XRP’s jump was likely the result of Gottfried Leibbrandt, the CEO of SWIFT, revealing that the company is working on a proof-of-concept for integrating the blockchain finance platform of R3 with SWIFT’s Global Payments Innovation (GPI) framework.
“We are announcing later today a proof-of-concept with the R3 blockchain on trade where you can initiate a payment on the trade platform and then it goes into GPI. We’re exploring interconnectivity with a lot of things and banks have always been a part of that interconnectivity,” Leibbrandt said.
While R3 is technically a competitor of Ripple, in a heated live debate between Ripple’s CEO Brad Garlinghouse and Leibbrandt, Garlinghouse said that he is actually open to finding ways to work with SWIFT. Additionally, XRP recently became the first settlement mechanism on R3’s global payments app.
This has ultimately fueled speculation that XRP, and by association, Ripple could find its way to the network of 11,000 SWIFT institutions.
With the recent surge, the AltDex 100 Index (ALT100), a benchmark index for the top-100 cryptocurrencies and tokens, is now down only 3.17% over the last 7 days, despite the largely bearish calls made during Monday’s sell-off.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.