Why XRP Is Rising Today
Key Points
Investors seem to be feeling better after news about the U.S.-China trade war and bad bank loans sent the market reeling last week.
Evernorth, which is backed by Ripple, announced today it plans to go public through a merger with a blank-check company.
Evernorth plans to implement a crypto-treasury strategy for XRP.
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Since Friday afternoon, the price of XRP (CRYPTO: XRP) has traded roughly 7% higher as of 10:45 a.m. ET today. In general, cryptocurrencies rebounded over the weekend and there was also some positive token-specific news for XRP as well.
XRP treasury
The broader market including crypto struggled last week, as trade tensions between President Donald Trump and China ratcheted up and as investors grew concerned over several bad bank loans that many believed could represent broader economic struggles. But since then, Trump has walked back some of his threats against China and said he intends to meet with China President Xi Jinping in a few weeks.
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Additionally, investors have had some time to digest the bad bank loans from last week and seem to feel more confident about these loans being more idiosyncratic opposed to representing a broader economic trend. Banks stocks generally traded higher today.
XRP also experienced some positive token-specific news when a crypto start-up backed by Ripple, the company behind XRP, announced today that it will go public through a merger with a blank-check company. Evernorth will merge with a special purpose acquisition company that could raise as much as $1 billion. According to Reuters, the company plans to deploy a crypto-treasury strategy and purchase large amounts of XRP while also looking for acquisition opportunities.
A milestone of sorts
Crypto-treasury companies seem to buy the largest, most popular cryptocurrencies like Bitcoin and Ethereum. Given that XRP is the third-largest token by market cap, excluding stablecoins, it makes sense to see the token receiving attention from crypto-treasury companies, but also reflects a milestone in a way.
XRP has immense potential to disrupt international payments, especially with its ties to Ripple, so I think investors can definitely take at least a smaller, more speculative position right now.
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Bram Berkowitz has positions in Bitcoin, Ethereum, and XRP. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and XRP. The Motley Fool has a disclosure policy.
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