While the market is declining over and over again, the price of XRP sees a spike every day. Though its value looked imprecise as of November 23 the spike it has seen since December is more likely dominating the other cryptocurrencies.
At press time, XRP has become the second largest cryptocurrency by market cap. XRP has overtaken the other largest cryptocurrencies of market fairly, including Ethereum and Bitcoin Cash. Even more impressive, while the value of Bitcoin is downtrend, XRP has become the best performing crypto coin for a while now.
Criticism of Ripple Adoption
On the other hand, a confront hit from the rival firm “TransferWise” which denies the acceptance of Blockchain until more Banks employ Ripple’s technology” has put XRP into question”. As quoted by Coingape, Taavet Hinrikus, co-founder and chairman of TransferWise said;
“If every bank in the world was going through the Ripple network, it would be amazing. Yet how many banks are using Ripple today in production? It’s a very short list,
We would love to support Ripple if it actually materially helps us do things cheaper and faster, but so far we haven’t found one.” He adds
Ripple Dominating Fintech
Ripple’s continued partnership with Fintechs is escalating which eventually affects the value of XRP. The underlying products of Ripple are been adopted by an array of financial institutions and banks in recent times. According to the world bank report, Cross-border payments are expected to boost by 3.4 percent this year and the RippleNet is certainly performing well in this sector. On top, the price of XRP is often reflected with the increasing adoption of Ripple’s product namely, xCurrent, RippleNet, Xpring, and xRapid wherein few products works with the XRP Ledger.
Fintech leaders like J.P Morgan also rumored to leverage the benefits of Ripple and that has indeed pushed investors closer to the Ripple and XRP. Moreover, Reports have recently predicted Ripple’s potential to overtake SWIFT which led many people closely look at the graph of XRP.
Earlier in last week, Ripple tied up with Malaysia’s CIMB Group and rumored to partner with other largest Fintech including Siam Commercial Bank of Thailand and the MUFG of Japan and others.
What’s your stake of investing in XRP? Do you think it will remain in the second position? Let’s discuss