Ripple: Yesterday, news emerged that Samsung was now accepting cryptocurrencies as payments in 3 Baltic States. The cryptos that they will be accepting include Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Litecoin (LTC), Steam, Dash and NEM. One crypto that stands out among these is XRP (XRP). It stands out because XRP has been the subject of FUD lately, with some claiming that it is not a true cryptocurrency.
However, the fact that Samsung is accepting it as a “crypto payment” is a good signal that most of this FUD is baseless. If indeed XRP (XRP) was not a crypto, Samsung would most likely not touch it. This is a world leading company that has some of the best minds in tech working for it. As such, before they chose to accept it as a form of cryptocurrency payment, chances are that they had researched on it, simulated different models with different outcomes, and come to the conclusion that XRP (XRP) indeed meets the requirements of a crypto that can be used alongside the likes of Bitcoin (BTC) and Litecoin (LTC).
Samsung would not risk the complications that would arise if Ripple’s XRP (XRP) were to be declared a security that has no semblance at all to a cryptocurrency. They most likely included it because it meets the true definition of a cryptocurrency, mainly the fact that it is decentralized, is practical as a currency, and has wide acceptance.
The whole idea that XRP (XRP) is a security stems from the lawsuits that have hit ripple in the recent past with regards to the status of XRP (XRP). However, from a rationale perspective, there is no way that XRP (XRP) can be declared a security on the basis of the Howey test. That’s because people invested in XRP (XRP) have no stake in ripple labs. XRP (XRP) also has a utility in itself, which makes it quite different from a traditional stock.
That aside, the market has not moved much even after the Samsung news came out. This is mainly because it has been diluted by the whole issue of the bitcoin (ETF). Bitcoin (BTC) has risen steadily from $6000 to $7500 out of the expectation that the bitcoin (ETF) decision could be coming out on the 10th of August. However, it is now emerging that it could take a little longer.
This has affected the market momentum, and has led to some profit taking. And as always, the rest of the market moves in tandem with the price of Bitcoin (BTC). That’s why after it started slowing down, everything else slowed down, and the impact of the Samsung news has been minimal.
One thing is clear though, crypto adoption is happening, and it won’t be restricted to Bitcoin (BTC) and a few top cryptos like ripple XRP alone. This presents an opportunity for investors to research on cryptos that have some good fundamentals to them. The next Bull Run will undoubtedly be bigger than the last one, and it will reward researched, well-timed investments.