Gaurav S. Iyer, IFCRead Full Bio Ripple (XRP) prices plunged on Friday morning after a Bloomberg Businessweek report said that banks “have no interest in using XRP.” (Source: “Ripple Wants XRP to Be Bitcoin for Banks. If Only the Banks Wanted It,” Bloomberg Businessweek, January 25, 2018.) The article, written by Matthew Leising and Edward Robinson, was broadly skeptical of cryptocurrencies but its main thrust was against Ripple and its XRP token.

This got a lot of people upset. Some Redditors even took to discrediting Mr. Leising when he appeared on Bloomberg TV looking nervous and fidgety.

It’s unfair to criticize a journalist for his “looks” or delivery—he’s not a broadcaster. With that said, I had serious issues with his reporting.

It would break my heart if investors walked away from his story with an incorrect perspective on XRP. So let’s break it down The article begins with a fairly standard description of XRP’s role within the Ripple ecosystem.

“One rationale for buying XRP is that unlike Bitcoin, the token has one narrowly defined but clearly useful purpose: to help banks move cash from point A to point B faster and more cheaply, especially across borders.” This is all true. But then Leising and Robinson drop a bombshell. Read more from…

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