- Ripple’s business model pivots towards expanding the utility of XRP.
- Large investors seem to expect a prices to advance further and are accumulating millions of dollars of this token.
- Despite the optimism, technicals suggest this altcoin sits in a no-trade zone.
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Distributed ledger startup Ripple is allegedly working on expanding the utility of its native token, XRP, with the company’s CEO, Brad Garlinghouse, going as far as comparing the firm with e-commerce titans, Amazon.
Meanwhile, investors seem to be growing optimistic as the cross-border remittances tokens sit at a pivotal point on its trend.
Ripple Vows to Improve Its Image
Ripple is working tirelessly to improve its image within and without the cryptocurrency community.
Following a dramatic reduction of token sales during Q1 2020, the firm faced backlash for selling roughly $32.6 million XRP to institutional investors in Q2.
The 1,760% increase in sales came after CEO Brad Garlinghouse realized that the distributed ledger startup “would not be profitable or cash flow positive” without selling this altcoin.
Given the amount of notoriety Ripple’s “Q2 2020 XRP Markets Report” generated, Garlinghouse wanted to shift investors’ focus by announcing that its business model would pivot towards expanding the utility of its native token.
He affirmed that the company would aim to support activities far beyond the scoop of international remittances, just like Amazon branched out into e-commerce.
“Amazon started as a bookseller and just sold books. We happen to have started with payments. Two years from now, you’re going to find that Ripple is to payments as Amazon was to books,” said Garlinghouse.
Nonetheless, data from Santiment reveals that Ripple’s commitment to creating a working product and continuously polishing its features does not reflect Garlinghouse’s marketing attempts.
Since the beginning of the year, the development activity on the XRP…