The rationale behind the drastic rise in the price of XRP has been a grey area but some factors like Swell Conference, hosted by Ripple with the likelihood of Ripple’s XRP launch, xRapid must have been responsible for the increase in price. The launch of a new company known as Coil might get investor’s attention, and it might provide a more use-case for virtual currency.
Coil Set to Accept Payments Via XRP
Coil is the newly founded company headed by a former Ripple executive. It has expanded its use from just a settlement means into an efficient currency by simply making key players in the internet industry to accept XRP as a means of payment.
Earlier this year, Ripple’s former Chief Technology Officer, Stefan Thomas launched the Coil with the sole aim of using the instrumentality of micro-payments to effect change that is evident with online ads. Coil is already in the bid to experiment this ingenious initiative through collaboration with websites such as YouTube, Wikipedia, and Twitch. Thomas gave an insight into Coil’s mission, saying:
“For decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web… Others have created subscription services that bundle content. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.”
That aside, Coil would be a direct competitor with the Brave web browser which uses BAT to make micro-payments for internet content. Coil appears to be a similitude of ChangeTip which is an internet tipping application that garnered popularity before everything turned sour; burned down through its funding and ultimately winds up.
Coil Capable of Affecting XRP’s Price
The recent price spike experienced by XRP can be attributed to the indications pointing fingers at xRapid being released during the Swell conference which takes place in a matter of weeks. This has been enticing enough for investors considering the feasibility of XRP as a virtual currency despite the fact that some analysts have speculated there isn’t sufficient use-case for the token to displace Bitcoin and altcoins.
It is no gainsaying that investors are already placing a keen interest in the use of XRP for coil’s launch and this might consequently affect the market value of XRP. XRP Tip Bot is also gaining acceptance, and it is undisputedly one of the most popular and widespread methods of tipping influencers and content creators on Reddit and Twitter, it has facilitated more than 55,000 XRP tips with a total of 72,684 XRP sent.