A few months ago (which is basically forever in crypto-time), we reported that TechCrunch founder Michael Arrington launched a $100.0-million investment fund. Normally, that isn’t news. However, Arrington’s fund had a curious feature: it was denominated in Ripple’s XRP tokens.
Investors barely responded to the announcement, much less to our coverage of it. And not much has been heard about the fund since then. At least until now.
The topic resurfaced on Twitter yesterday when a user tweeted out a link to Arrington XRP Capital (the name of the fund). This sparked some debate about whether the fund is currently trading, or if it is even real.
Arrington himself stepped in to address the issue, saying the fund is “live.”
Believe it or not, this reply didn’t go viral. Few investors are aware of this $100.0-million hedge fund whose “cash position” is denominated in XRP. That seems, at least to me, like a giant oversight in valuing XRP.
If you’re skeptical, consider how Bitcoin prices would react to a fund marked to market with BTC instead of USD. Bloomberg and The Wall Street Journal would probably run a glowing front-page story; investors would be giddy with excitement; short sellers would go broke in a flash.
Why the difference?
Well, Bitcoin is the poster child for cryptos. It was the original iteration of blockchain technology and therefore holds the biggest megaphone. Ripple only received mainstream coverage in the recent past.
However, this status quo won’t hold much longer. Searches for “Ripple” have already exceeded those for “Ethereum,” showing that investors are finally growing curious about XRP.
We may start to see this information go viral as a result, which could ignite another rally in XRP prices. As it happens, the XRP to USD exchange rate gained 14.02% in the last 24 hours. It was sitting at $2.73 at the time of writing, on track to reach our $10.00 Ripple price prediction for 2018.
This article was curated from Google News. You can read the original article here.