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Ripple (XRP) is Becoming a Go-To Crypto for Banks Around the World

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Thanks to its nature and various products, the cryptocurrency Ripple (XRP) is quickly becoming the number one desired crypto for many banks around the world. However, there is also a certain controversy regarding its nature, and many believe that XRP is actually a security.

Banks choose Ripple

Ripple has had a lot of success recently, and most of its achievements include its adoption by various banks and other financial institutions. Its CEO, Brad Garlinghouse, has stated recently that this crypto has a very bright future, and that a lot of banks will be using its ledger in the near future. This is hardly surprising, considering that this ledger is an open-source codebase and that it is capable of performing over 1500 transactions per second.

Ripple’s team is working hard on improving the coin, which includes a large project that is expected to provide better liquidity solutions. That way, sending the payments cross-border will be much faster, cheaper, and more transparent, especially when compared to traditional methods of sending the funds. All the money that is being sent first gets converted to XRP, and then to any other crypto that the receiver prefers. Obviously, scalability and speed are of great importance here, and Ripple is perfectly capable of handling both.

With that in mind, it is no wonder that the banks are jumping on the opportunity to start using this cryptocurrency, and are adopting it at a massive rate. But, there is still a certain controversy, with the main question being – is Ripple a cryptocurrency at all?

Is Ripple (XRP) a cryptocurrency?

When people talk about Ripple, the large majority is considering it to be a crypto. However, there are those who believe that its design doesn’t allow it to be. These are the same critics who claim that XRP doesn’t serve the original purpose of cryptos.

Let’s take Bitcoin as an example. It was designed to create an alternative to fiat and to be decentralized. While it did achieve decentralization, Bitcoin has not managed to completely fulfill its purpose as a digital currency. However, this was only to be expected. It came as the first of its kind, and it was bound to make some mistakes along the way. This is why altcoins have developed so that they could fix what Bitcoin cannot change, and deliver the digital coin that Bitcoin was supposed to be.

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However, Ripple doesn’t do that either. It is completely different than Bitcoin, which has its justifications. After all, you do not fix technological mistakes by doing the same thing that led to those mistakes being made. However, Ripple has gone a step too far in differentiating itself from Bitcoin, and along the way, it lost one of the biggest attributes of cryptocurrencies – decentralization.

XRP is fully owned by Ripple the company. This has its pros and cons, but the main question is – is cryptocurrency a cryptocurrency if it has an owner and a governing entity behind it?

The matter of decentralization

The first thing to consider here is that even the company behind XRP doesn’t call it a cryptocurrency. The term they are using for it is ‘digital asset’.

Ripple is not decentralized, which is a fact. Decentralization is also a necessity for a crypto to be considered crypto, which is something that XRP has not managed to achieve as of yet. However, it is still a digital coin. The fact that it is centralized simply means that it has a governing system that can influence its price. And while decentralized coins have the crypto market dictating their future, Ripple doesn’t take that chance. Decentralization brings transparency, but also uncertainty, which is something that XRP has been trying to avoid so far.

The value of Ripple and its products to the world of business and economy has already been discussed previously, but the point remains – its nature is of great use to the modern way of sending payments.

However, Ripple is a coin that is constantly working on making itself better. This is why its development team has announced that Ripple will achieve decentralization in the future. The plans to do so are already set in motion, and the platform is even expected to launch ICOs sometime in the future.

Some skeptics believe that this is an empty promise, but XRP has proven to fulfill its promises. After all, it did become an open-source platform, which is also something that not many people believed it will happen.

So, in the end, is Ripple a cryptocurrency? Not exactly, or rather – not completely. However, has proven its worth. It has also proven that it is working on fixing its mistakes, which means that it might as well be considered a crypto since it will achieve the full status sooner or later.

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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

DGB Price Prediction For 2018 and Beyond

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DGB price prediction
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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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