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No Choice Left for Banks — They have to Turn to Ripple and XRP

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Cryptocurrencies’ fight for survival and relevancy itself bears more fruit with every passing day, and according to some experts, this will likely continue. Not only that, but leaders from institutions such as Mercury FX, Euro Exim Bank, and TransferGo recently gathered in London at the Ripple Regional event, discussing why this is the case.

According to them, more and more institutions will start turning to cryptocurrency in the near future, with even banks slowly losing the option to choose. After they start understanding the potential benefits of going crypto, they will have no other choice but to join the ever-growing group of crypto-friendly banks. And, which cryptocurrency is going to benefit the most, according to them? XRP.

Why banks have to turn to Ripple and XRP

According to Euro Exim Bank’s head of Compliance and Operations, Graham Bright, Ripple products may crucial for the banks to remain relevant in the future. Bright spoke of their effectiveness, stating that Euro Exim has set up a goal of making sure that their customers can get reliable, fast, and trusted service, which is also secure. He also pointed out that all of these points can be achieved by simply implementing blockchain technology.

Numerous banks around the world have already adopted Ripple’s XRP-fueled xRapid, which helped expand their businesses and improve the quality of their services. Examples of this can be observed in numerous areas of Africa and East Asia. The old technology that banks are still using for moving funds is costly and slow, which makes it obsolete in the rapidly advancing era of blockchain and crypto.

Bright stated that Euro Exim chose to turn to xRapid early in order to move funds “as quickly and as cost-effectively as possible.” This is what allowed Euro Exim to increase its own international business.

Blockchain adoption is on the horizon

Alastair Constance, the CEO of Mercury FX, also spoke at the conference, stating that the xRapid-based payments are a lot faster and a lot cheaper than they would be if they were sent through the old system, SWIFT. However, the advantage of turning to Ripple and its products goes beyond speed and transaction costs — it also allows businesses to reach markets that were previously inaccessible.

Constance also explained how Mercury FX entered blockchain trials unsure of what to expect. The results amazed the company when it realized the potential of using Ripple technology combined with XRP cryptocurrency.

Ripple itself has been claiming that there is huge potential in this tech for a long time now, and the company expects that others will come to the same conclusion as they, Mercury FX, and others, in following years.

The demand for swift cross-border payments is constantly on the rise, with companies and individuals alike searching for ways to send payments quickly and cheaply. What’s more, sending payments via xRapid would eliminate the need for third parties, which is significantly lowering payment fees. The only conclusion is that the search and demand for blockchain-based solutions is about to skyrocket, with Ripple and XRP being at the center of the explosion.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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Altcoins

Why Binance May Be Crucial for Tron (Trx) to Reach $1

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TRON (TRX) has been one of the most popular crypto projects in the past year. The coin has received a lot of attention from the entire crypto community, and although the impressions may differ —  the fact is that TRX is one of the most talked-about coins, even today.

However, while the project managed to achieve a lot in less than a year — launch its MainNet, start multiple massive projects, launch dozens of dApps, hundreds of smart contracts, its own DEX, new token, and more — its price remains quite low. Undoubtedly, one of the reasons for this is its massive supply. TRX circulating supply is over 66 billion coins, while the total supply is over 99 billion.

Even so, the coin is believed to be massively undervalued, with its current price sitting at $0.028129, according to TradingView. This price, together with a market cap of $1.88 billion, pushed the coin out of the list of top 10 largest cryptocurrencies, and it currently sits at 11th spot. But, many believe that this is not a permanent position for TRON. In fact, its community believes that it is only a matter of time before TRON rises through the ranks, and its price hits $1. And, the way for the coin to achieve this is believed to be through Binance.

TRON and Binance

Binance is one of the world’s…

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Altcoins

Why Tron (TRX) Price Won’t Remain Low for Long

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TRON (TRX) has been one of the most popular cryptocurrencies in recent years. The project has achieved a tremendous amount of success in less than a year, and while the first birthday of its MainNet is approaching, TRON certainly continues to impress to this day.

With that said, its price is still noticeably low, and many would agree that the project is heavily undervalued. The low price even allowed other projects to push it out of the top 10 list, with TRX currently being the 11th largest cryptocurrency by market cap. However, it is likely that TRON will not remain undervalued forever, and that its price might soon see a surge that its entire community has been waiting for, for a long time now.

Why TRX might see growth soon

As many undoubtedly know, TRON is a lot more than just a cryptocurrency. It has developed a massive ecosystem, which offers a development platform for coins, smart contracts, and dApps. It also acquired BitTorrent last year for its Project Atlas, which will allow torrent users to earn crypto through participation in content sharing.

For this purpose, it also launched BitTorrent (BTT) token, which saw its launch on January 28, 2019 on Binance Launchpad. This was dubbed the most successful ICO in history at the time, although several coins launched since then have broken its record.

In addition,…

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