2018-10-31 10:24 |
Ripple is one of the most respected companies in the cryptocurrency world. It has been partnering with several companies from the financial industry, including banks and other payment firms. But the intention is to keep growing even further. According to Ripple’s CTO, David Schwartz, says that XRP should increase in price in the future if it wants to help Ripple transact bigger value.
Ripple is currently offering to the market three different products, xVia, xRapid and xCurrent. xRapid is used with the XRP cryptocurrency, which is very important for the company if it wants to expand even further. However, David Schwartz believes that it is necessary for XRP to grow even further.
Ripple has a product known as Xpring that was created in order for companies to start using the XRP cryptocurrency. With this initiative, it is possible to help blockchain companies adopt XRP for transactions and liquidity.
Chris Larsen and Stefan Thomas, individuals advising the blockchain project Omni, said to the company to go public on their integration of XRP. Omni aims at changing the current perception that exists in the renting sector. In this way, it is possible to rent things and get paid for them.
Using XRP it is possible for users in the platform to get in touch with the virtual currency world and be able to have a reliable, fast and secure way to send and receive money.
Additionally, the cryptocurrency loan processor Nexo, has integrated with XRP as the fifth virtual currency that will work as collateral in the network. However, the company has yet to confirm these new developments.
But if Ripple wants to move and be integrated into other participants that need to move funds fast and securely, XRP price would have to increase its value.
David Schwartz explained that in the past, Bitcoin (BTC) couldn’t be used to buy a house since its price was too low to process these operations. Nevertheless, its price grew and it was finally able to process larger transactions.
On the matter, the Chief Cryptographer at Ripple, said:
"The higher the price of XRP, the larger the payments Ripple can target…"@JoelKatz #XRP #Ripple #XRPcommunity #XRPthestandard #crypto #micropayments #payments #blockchain #fintech #crypto #altcoins #finance #banking
* Infographics: Ripple and XRP *https://t.co/ICQxJNIr8e pic.twitter.com/m9cLOtHo4U
— XRP_Cro (@stedas) October 29, 2018
During the last quarter, Ripple said that it improved its XRP sales compared to the second quarter. Despite showing a very good third quarter, XRP trade volumes fell compared to the first quarter.
Although Schwartz is asking for a higher XRP price, the virtual currency has experienced a consistent growth over the years. At the same time, it is a very respected player in the market, since it has been working with several companies from all over the world. Furthermore, the number of firms working with Ripple continues to grow.
In 2019, if the cryptocurrency market starts to recover, XRP could also experience new all-time highs. Ripple CEO, Brad Garlinghouse, said that the company is positioned on an vantage point since it has achieved impressive things in the last years. Financial institutions, including banks and businesses, are able to process cross-border payments in just a few seconds and without spending the high amounts of money as with older systems.
The promising future that Ripple and XRP have are closely related to the usage that institutions such as Banco Santander, the Saudi Central Bank, and the Bank of England will give to the network created by the company. This shows that the company will not suffer the problems that the crypto ecosystem is currently having. Ripple has real application proposals and they are working in order to enhance them.
About it, he mentioned:
“Ripple will not be a victim of the ongoing cryptocurrency craze thanks to its real application, the price valuation of the digital asset will sustain.”
According to several experts, there is still place to grow in the market and record new record highs. There are possibilities to improve the network and to grow with the current price levels and market capitalization that XRP has. The network of companies working with Ripple is growing in many different countries, increasing the possibilities that these companies have to send or receive money from different parts of the world.
One of the latest implementations has been made by the virtual currency exchange Changelly. The company has decided to add support to XRP allowing users to exchange fiat currencies for this cryptocurrency. Nevertheless, the market department at Changelly explained that they will allow users to purchase certain virtual currencies with debit or credit cards.
At the time of writing this article, XRP is the third most valuable virtual currency with a market capitalization of $17.86 billion dollars. Each XRP coin can be bought for $0.444321 dollars, according to CoinMarketCap. During the last years, XRP was able to be the second most valuable virtual currency right after Bitcoin, that has a market capitalization of $110 billion dollars.
Some individuals and enthusiasts believe that XRP could eventually become the second largest crypto surpassing Ethereum (ETH), that is currently in one of its weakest moments since it was launched. During the year, ETH lost over 85% of its value and could continue falling in the coming months.
These things that we have marked show that Ripple and XRP are in a very good condition for future developments. Although the market is falling and the bear trend in the cryptocurrency world did not end, XRP and Ripple are working day after day in order to offer better products and services to the market.
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