Ripple (XRP), one of the most important virtual currencies in the market, has been under the one-dollar value for some time now, but cryptocurrency experts are predicting it going far above its all-time high of 3 US dollars per unit this year. That is why many virtual currency enthusiasts argue that XRP is a good investment opportunity. Even so, Ripple’s price has been on the decline in recent time, stumbling from $3.48 to $0.59.
Ripple (XRP) being a centralized virtual currency does not try to target individuals with its marketing efforts led by Ripple Labs. Instead, they concentrate on branding themselves as technology stacks for financial institutions and large corporations and as a transaction medium that supports transactions free from fees.
Although adding new clients on a daily basis, their clients being banks and financial institutions all over the world, Ripple (XRP) is still facing aggressive competition from other cryptocurrencies and traditional money transfer institutions like Visa and Swift. Ripple offers xCurrent, xRapid, xVia as their money transfer platforms but this article will concentrate more on Ripple’s competitiveness outside the cryptocurrency ecosystem. So, what’s giving Ripple a cutting edge?
The financial industry warming towards it
Ripple is making headway and gaining ground on their competition who are outside the cryptocurrency world. This should be their main goal, gaining ground on the traditional financial firms since other virtual currencies do not pose any major threat to their business model. Bitcoin, Ethereum, and Ripple, all have different business models and goals.
So how is Ripple gaining ground on financial institutions and spurring price appreciation?
Western Union and MoneyGram are a couple of the money transfer companies that are warming up to Ripple with the adoption of XRP and xRapid. These partnerships between XRP and traditional money transfer service providers are all in the pilot stages.
We will be able to give a more comprehensive update on the viability and profitability involved with the implementation of XRP to this companies. If XRP increases the profits margins and efficiency of money transfers for these companies; it will only be natural that more banks and money order firms in the financial industry accept XRP into their systems. If this happens, the demand for XRP digital coins will skyrocket to the roof.
Following an article that was written by Nathaniel Popper, author of Digital Gold and a New York Times writer, early this year, Ripple CEO, Brad Garlinghouse came guns blazing with the announcement of the implementation of XRapid pilot program by 3 of the top 5 largest money transfer companies. The article done by Popper questioned the acceptability of XRP as a tool for financial institutions quoting some officials in the banking sector saying they do not plan or intend to onboard XRP for transactions.
The point being: Ripple (XRP) has managed to build strong partnerships with major corporations, but it still needs to match forward and venture more into the financial industry. The banking sector is ready for disturbance and Ripple is the technology that could bring a ten-fold improvement in efficiency. If Ripple (XRP) manages to do that, we can expect it to reach $5 mark or even beyond that. Remember, ‘if’ is important here.
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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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