Ripple XRP has been in the news for a better part of this year with a mix of facts and rumors but still remains focus on its goal; disrupting the banking and currency processing industries. Ripple developers have been working round the clock to make the platforms dream come true.
The social media and market expert opinions tend to sway digital currencies to a specific direction. However, Ripple remains stable and continue to shake the movers in the financial and money transfer players. If you are yet to adopt this wonder coin, here are some 7 reasons why Ripple is a crypto you should have today.
Ripple XRP is Taking over the Banking Industry by Storm
Plans are underway for Ripple to partner with half of the world’s banking institutions according to the coin SEO, Brad Garlinghouse. If the news is anything to go by, Ripple going to be the first blockchain backed technology to tap into the prestigious banking sector.
Ripple has the right tolls that can easily be integrated into most banking systems for fast money transactions at lower costs. Fast currency transfers have always dogged the banking sector and introducing the xRapid, xCurrent and xVia software will change how money changes hands across the borders.
Everyone is Using Ripple Currency Processor Platform
The above statement might seem far-fetched by statistics indicate that over billion dollars’ worth of transactions have so far gone through the Ripple network a week ago. This is a surefire show of the networks credibility. However, this is through Ripple’s partnership with Tencent Holding Limited.
These transactions could be local or cross border and it is a huge milestone given that Ripple transactions only attract 0.000012 XRP for every confirmation. This shows how the world is beginning to accept not only XRP but other Ripple paired cryptocurrencies; a movement you should be part of.
Ripple-A Bank a Week Strategy
Currently, there are over 100 banks testing the Ripple xRapid software. This software will help banks solve their liquidity woes. The goal according to the Ripple XRP CEO is to get 200 banks onboard thus targeting one new bank every week. If the strategy works, by the end of the year your local bank could be in the coin’s ecosystem.
Ripple’s xRapid can easily integrate into any banks system. But critics are quick to point that Ripple value will start to diminish once more banks start using it since they will be cushioning small affiliate Altcoins. Here we are talking about millions of transactions per day with over 200 banks onboard. This might work toward the investor since increased demand means more value for XRP.
Ripple Transaction Speeds are Outshining VISA
It is natural for humans to resist change but it is a fact that Ripple commands better speeds compared to their arc-rivals Visa. After the recent Ripple platform upgrade, the system can handle 25,000 transactions per seconds against VISA’S 24,000. A difference of 1000 transactions may seem a small feat but in the long run it will work towards XRP value.
The focus for the increased speed is to make sure XRP is a cryptocurrency of choice and trusted globally. The coin is backed by Ripple, the company. With more banks reaching out for Ripple speeds, VISA might wait and see what happens once the XRP coins in the market get exhausted.
Ripple Money Remittance Choice Robbing PayPal
Ripple XRP inroads into the money remittance and processing sector has not been all smooth. It has rubbed PayPal the wrong side. The current market leader in the market has filed a patent suit to challenge Ripple’s idea. The largest currency processor in the world is protecting its market share and cryptocurrency enthusiasts are waiting to see how the battle plays out.
If you are a PayPal user, you know what blockchain technology can do. Lower transaction fee and better seed with no restrictions imposed on your wallet. The monopoly that PayPal enjoys is under siege and fighting back or creating their own cryptocurrency might be the best option. This will trickle down to benefit the ordinary user.
Ripple wants Users to Hold XRP
Interruption of the financial and money markets is real. Ripple wants you to hold on to XRP and benefit from the industry boom. Once it becomes a standard interface to transmit currency, the value of the coin will go to the moon. Late adopters might find the digital coin dear to invest in later.
Banks are waiting on the side line observing the test outcomes before adopting and here is where the Ripple tire will hit the bitumen. Increased traction and transactions will mean XRP scarcity and increased value. Ripple fortunes will start changing as early as Q2 and once there is direct fiat conversion on the platform, investors will have a reason to smile.
Ripple XRP Digital Currency Market Place
With blockchain technology, many users are realizing how cheap transactions can really be. There is a lot of anticipation from the masses and the mass shift from the banking halls to smartphones could change the financial institutions outlook for good.
With Amazon and Starbucks, MoneyGram and Western Union already in the Ripples bag; more big names are on the company’s radar. This should give the Ripple XRP added advantage once they crack the cryptocurrency volatility issues.
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Author Albert Kim