Ripple’s XRP banner could be waving alongside the sporting nations of this world in 2020 if an online petition is successful in garnering the attention of those in power. Initially posted on Change.org in January, Ken Takahashi’s “International Olympic Committee: Make XRP the official cryptocurrency of the Tokyo Olympics 2020” petition has now started to gain some traction. After hitting the 10,000-signature mark in early October, the virtual appeal now has more than 12,500 supporters.
Using Cryptos to Improve the Olympics
According to Takahashi, making XRP a part of the 2020 Tokyo Olympics is the perfect way to alleviate “long lines at currency exchanges” as well as “confusing exchange rates and language barriers.” Pointing to previous Games in Beijing and Rio de Janeiro, the campaigner appears to have the welfare of fans and the Japanese economy in mind. However, to some, Takahashi’s sign-off statement seems to imply he has a vested interest in Ripple and XRP.
“We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem,” wrote Takahashi.
Whether or not this is a clever ploy by someone looking to boost the price of XRP isn’t really the issue here although it would be interesting if the petition was penned by a Ripple insider. In reality, making XRP a feature of the 2020 Olympics would put the digital token on the map. According to the stats, 3.6 billion watched the 2016 Olympic Games in Rio. With similar numbers expected in 2020, XRP would be exposed to a global audience. Beyond the viewing figures, everyone from TV networks to major corporations spends billions on the Games. Finding a place alongside some of the largest brands in the world could inspire companies to use the cryptocurrency.
We Still Can’t Use XRP
Having XRP at the Olympics would generate some fantastic exposure for the coin and associated products like Ripple’s xRapid. However, at this stage, the commercial utility of XRP is still yet to be shown. The cross-border payment platform has received rave reviews from companies testing it in private. However, the system only went live on a commercial scale on October 1, 2018. Therefore, at this stage, the system needs to gain some traction in the business world in order to justify its place at the Games. Additionally, there’s also the issue regarding the relationships between XRP and Ripple. Although people are slowly becoming more educated, casual investors aren’t sure what XRP is and often assume it’s the same thing as Ripple. In reality, Ripple is a company that created a decentralized platform based on XRP. It’s also has a majority holding in XRP, but it didn’t create it.
In essence, there are still a few “ifs” hanging over XRP. For those that buy XRP, this air of uncertainty is great because it’s keeping the price relatively low. Indeed, when the general public gets to see XRP in commercial use, that will clarify its status as a leading crypto and the price will rise accordingly. That, in turn, could help it become a part of the 2020 Olympics, something that would also boost the XRP price again. However, at this point, the project is a work in progress. Therefore, investors shouldn’t be putting too much hope in it becoming a partner of the Olympics Games. Having said that, if things continue to evolve and XRP fulfils its promise, things could certainly happen. If a partnership is formed, the price of XRP would undoubtedly boom, which is why it could be prudent to buy now before the world wakes up to this crypto sleeper.
*Information in this article should not be taken as investment advice.