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Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, personal finance education, top-rated podcasts, and non-profit The Motley Fool Foundation.
Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, top-rated podcasts, and non-profit The Motley Fool Foundation.
Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions of people every month through our premium investing solutions, free guidance and market analysis on Fool.com, personal finance education, top-rated podcasts, and non-profit The Motley Fool Foundation.
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Key Points
Cryptocurrencies rebounded over the weekend.
Since Friday afternoon, the price of XRP (XRP 3.09%) 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.
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.
Image source: Getty Images.
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.
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.
Bram Berkowitz is a contributing Motley Fool stock market analyst covering financials, technology, consumer goods, and macroeconomic trends. Before The Motley Fool, Bram worked in equity research covering bank stocks and as a reporter for local publications. He holds FINRA Series 7 and 66 licenses, as well as a bachelor’s degree in business with a minor in economics from Syracuse University.
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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