XRP Shoots To New Highs Despite The Growing Uncertainty

XRP shoots to a new yearly high despite the controversies surrounding the path of the token to unravel the company by incentivizing the partners to use it as a cross-border payment solution and also flooding the market supply of the token.
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Let’s find out more in the following ripple news today.

Ripple was constantly in the headlines for the past week and there were a series of events that were related to the XRP token. For example, MoneyGram revealed payments from XRP that reached $11.3 million for the past two quarters of 2019 and a spokesperson from the ledger startup Asheesh Birla stated that both of the companies are trying to create a new infrastructure together. He also commented that the payments will be used to fund the resources, work, and effort of the market development.

However, some in the community wonder whether Ripple was paying MoneyGram to use the cross-border services since MoneyGram appears to have answered this by saying that the payments represent a bonification for the increased liquidity of XRP on the international markets:

 “The Company is compensated by Ripple in XRP for developing and bringing liquidity to foreign exchange markets, facilitated by the ODL [Ripple’s On-Demand Liquidity] platform, and providing a reliable level of foreign exchange trading activity. We refer to this compensation as market development fees.’’

The CEO of Ripple, Brad Garlinghouse, stated that his company will use XRP to incentivize companies that already use its remittance solutions. The incentives depend ‘’upon the shape and size and type and how high a priority’’ these companies represent:

“Well XRP is one source [of our cash flow]… If you took away our software revenues, that would make us less profitable. If you took away all our XRP, that makes us less profitable.’’

Ripple depends on the sale of XRP in order to make profits and it seems like the company will continue to input more tokens in circulation with the addition of the $1,200 million worth of tokens that is held in 2016. XRP shoots to new price highs while it allegedly sold 1.05 billion XRP between 2014 and 2019. Despite the sell-off, McCaleb continued to sell his holdings at the start of 2020 and he sold more than 19 million tokens and has another 4.7 billion tokens that are worth more than $1 billion.