Ripple (XRP) has incurred some decent upwards momentum today after “FOMO” spread on Twitter based on an American Express blog post that mentioned Ripple for international settlements. This blog, however, is old and is not at all an official AMEX announcement, so traders should trade XRP with caution.
This blog post coincided very closely with the XRP price surge that occurred earlier today independently of the rest of the crypto markets, and it may have been caused by some misplaced hype surrounding the Ripple (XRP) mention on the AMEX blog.
Ripple (XRP) Surges Past $0.40 Despite Recent Downwards Pressure
At the time of writing, XRP is trading up over 6% at its current price of $0.40, which is up significantly from its recent lows of $0.37.
This price surge happened earlier this morning when the cryptocurrency’s price rose sharply from just above $0.38 to highs of nearly $0.41. This jump occurred independently of any other market moves, as Bitcoin was trading flat during this time.
Earlier today, crypto Twitter was alight with the fact that both Ripple and XRP were mentioned in a blog post on AMEX’s website titled “Cross-Border Payments to Become Faster, More Transparent, and Easier to Manage.”
Although it is unclear as to whether or not this event directly caused the Ripple price surge, the timing of the recent surge and the fact that XRP moved independently of the aggregated crypto markets likely signals that it was, in fact, a likely cause.
Mchael B, a popular XRP proponent on Twitter, spoke about the AMEX blog in a tweet earlier this morning that has since garnered a significant amount of likes and retweets.
"If institutions choose, they can also use $XRP in payment flows to improve liquidity in cross-border payments. Six major payment providers are already piloting. Eleven of the world’s top 100 banks have joined Ripple’s network"https://t.co/rCOwyr9dKz
— Michael B ⚡️? (@XRPMichaelB) July 6, 2019
No, The AMEX Blog Post is Not an Official Endorsement of XRP
Although this post may have caused some FOMO that drove the recent price surge, it is important to note that this blog post is not, in fact, an endorsement of Ripple or XRP.
The AMEX blog, which allows writers to publish articles discussing finance and banking-related topics, should in no way be viewed as an official announcement channel for the bank.
Moreover, one user on Twitter was quick to point out that the blog post is actually from September of last year.
A great blog post. Just a reminder, this is from September 2018.
— Leonidas Hadjiloizou (@LeoHadjiloizou) July 6, 2019
It is important to note that American Express is a member of RippleNet, which aims at providing a “real-time, business-to-business global payments that will ultimately enhance their customers’ experience.”
Additionally, AMEX has been dabbling with blockchain-based settlements through Ripple products, but this has been known since late-2017 and is not new news.
It is unclear whether or not XRP’s sharp upwards surge today was truly the result of misplaced FOMO or if there was a technical cause, but whether or not its price falls from its current levels will likely provide insight into what caused this surge.
Featured image from Shutterstock.