At the end of last quarter, blockchain payments network Ripple encountered a backlash following its record XRP sales.
Its detractors accused the firm of dumping XRP and inundating the market, which reportedly caused the price of the token to nosedive.
Ripple defended that it will carry on taking proactive measures to resolve the spread of misinformation about XRP as well as of fear, uncertainty, and doubt, or FUD.
It will reportedly perform this step while being a trustworthy and honest stakeholder of the virtual token.
The latest developments for Ripple’s cryptocurrency this week, however, show a complete turnaround from the previous bleak scenario that XRP underwent.
XRP is one of the oldest rivals of Bitcoin. Since Ripple launched it in 2012, it has earned its fair share of critics and supporters along the way.
The token that Ripple created has withstood plenty of the ups and downs of the cryptocurrency industry. Following its steady plummet this year, XRP is now showing an uptrend.
Since the culmination of September, the third-largest cryptocurrency by market capitalization has demonstrated to be adding roughly 30 percent of its trading price.
Ripple, which possesses an estimated 60 percent of XRP, is anticipating its token’s price to ascend even higher.
Besides this situation of bouncebackability, Ripple chief executive Brad Garlinghouse revealed more positive developments for the token earlier this week.
He said that the XRP ledger is approximately 1,000 times quicker per transaction and 1,000 times more affordable per transaction as compared to Bitcoin.
Garlinghouse mentioned that XRP is the only example of blockchain and cryptocurrency that virtual currency enthusiasts use at scale.
Ripple’s head expressed his pride in the amount of funds his firm possesses and its speed of deal-making as well.
Garlinghouse revealed that they are sealing two to three agreements with financial institutions per week, and they have already amassed financial assets worth $305 million.