Ripple (XRP) — There’s Another Clear Reason It Look Unstoppable (Riptrex)
To say Ripple (XRP) is going to be unstoppable in 2018 isn’t that far-fetched. After all, Ripple is one of the best performers in the cryptocurrency market on year-over-year returns. The XRP price charts show that the cryptocurrencythat is currently ranked 3rd, gained value by a whopping 14,000% between February 2017 and February 2018. Its price rose from a lowly $0.0065 to an ATH of $3.84 earlier this year. It has, however, dipped to trade at a modest $0.911 today. (6th March, 2018)
Yet, this should not about the price of XRP, but rather the performance of Ripple, the product. To be precise, it is how Ripple is positioning itself in the market in readiness for mass adoption that matters. It is perhaps the best crypto to hodl at the moment. The simple reason is that there is a steady stream of progress on the Ripple network. I think investor would be safer focusing on the path the Ripple team wants XRP to take than on short-term price fluctuations.
The Ripple platform is one of the few projects with a large pool of firms and companies currently using or seeking to implement its blockchain-based solutions.
The Japan Bank Consortium lines up 47 banks that will start using various Ripple applications.
These are unconfirmed reports yes, but we are talking about 47 banks!
Today, unconfirmed reports indicate that about 47 banks in Japan were considering adopting Ripple’s financial applications. The Japan Bank Consortium has indicated that they will seek to implement several Ripple initiatives as part of their operations.
One attractive element of the Ripple ecosystem pulling in financial institutions from around the world lies in the ease with which banks could handle domestic and cross-border financial obligations.
And all these happen on the Ripple network through three platform projects. We have the xRapid, xCurrent, and xVia. These initiatives work to make handling financial matters swift and cheaper to any location around the world.
South Korea Bank to Trial Ripple, and hints at a full Integration
Banks seem to be waking up to the idea that blockchain technology is essential, especially where speed, integrity and transparency of transactions are concerned. That’s why Woori, one of the largest banks in South Korea said it had run trial tests on Ripple’s XRP token. The successful transaction on Ripple’s blockchain completes a set of trial runs undertaken by the bank. According to media reports attributed to Chosun, Korea’s reputable financial news outlet, Woori could be on the way to implementing large scale payments or remittances using the Ripple cryptocurrency within 2018.
It emerged that Woori believes Ripple (XRP)’s near-instant speed makes it far better than Swift, which can take up to 3 days to finalize inter-bank transactions. This view supports the notion that many banks in Japan and South Korea are likely to start using Ripplenet applications on a commercial level as early as Q3 2018.
Ripple’s progress is unstoppable
Cambridge Global Payments, (through parent company Fleetcor Technologies), to use XRP
This is probably even more appealing to the Ripple project than what the banks want to do. Suggestions that payment provider Fleetcor Technologies wanted to trial the use of XRP should excite any XRP investor. By deciding to utilize xRapid, Fleetcor will be using XRP coin in its payment remittances. I don’t see why this will not have a direct impact on the cryptocurrency prices in the future.
This pilot project will also include financial consultants Cambridge Global Payments, which is based in Canada. Perhaps more interesting is the fact that CGP has been working with Ripple since 2017, mostly utilizing Ripple’s xCurrent product.
This foray into the use of XRP by Fleetcor Technologies will help XRP become accepted more quickly in the region and around the world. If the pilot project succeeds, then we can only expect many more financial institutions take similar steps.
What’s attracting all these financial institutions?
The answer is in these words: A robust platform that is focused to bringing solutions to the issues facing the world’s financial institutions. The Ripple platform gives banks and other payment institutions cheap and faster ways of remitting money locally and across borders.
It’s all good for Ripple that many critics don’t believe it can be used in the real world. But the truth on the ground is that Ripple (XRP) is unstoppable and these agreements with financial institutions has put Ripple on the path to mass adoption.