After a gap of some slumber months for XRP, the coin finally in rose by around 7 % last week. Although technically the coin was in a range bound territory for a while, fundamentally the XRP and Ripple team have done their very best to add every catalyst that could contribute to XRP’s next bull run. In a recent update post released by XRP community summarises the feat that the Ripple team has achieved over past sometime.
XRP’s global reach and adoption expanding at a good speed
XRP has found its adoption quite well among the financial and payments industry as the coin stands a perfect bridge between the traditional centralized finance world and the new age fintech decentralized organizations. The company, Ripple has been able to provide the right products that fit into the traditional financial system giving them advantages of blockchain such as speed and cost-effectiveness. These products include the number of highly-used applications on the network, including social media applications, peer-to-peer payment applications and to the very recently Coil’s soft roll-out of web monetization. Ripple’s xRapid has also been proven as a fine discovery and is already been predicted as the next generation of cross-border value transfer between banks, remittance companies, large corporates, and individuals.
This high rate of adoption, global reach and a plethora of offerings has made XRP one of the favorites coins of the investors and exchanges. Apart from Coinbase, nearly all global exchanges have listed and trade XRP. According to the blog writer, the liquidity endpoints of XRP has grown by 300% in over one year- as now 105 exchanges trade XRP compared to only 29 that did a year back.
Ripple’s xCurrent taking benefits of Blockchain to SME’s
A couple of days back Ripple introduced the xCurrent product for the SME sector via a video which showed how the use of xCurrent would ease the pain points the SME sector has been facing for over 30 years. The video describes that how Accounts Payable (A/P) department of small-and-medium-sized enterprises (SMEs) currently absorbs much of their time and add significant costs to paying suppliers and vendors in other countries. It also discusses the problems currently faced by the small organization which includes No Data Attached (not possible to attach invoices to a payment), Low Transparency (Unknown costs of the payment) and No Traceability (Unknown arrival time for payment). The video then proceeds to show how membership in RippleNet solves these problems for companies and provides the ability to solve each of these problems through the implementation of xCurrent as it provides benefits like Rich Data Attached (Invoice attached for easy reconciliation), End-to-end Transparency (Total costs known in advance) and Complete Certainty (real-time settlement)
The xCurrent product seems to be a powerful value proposition for SME and clearly shows Ripple’s vision to cover the complete gamut of payment industry from a large organization and banks to small-and-medium-sized businesses streamlining their internal operations and reducing their payment processing costs to a fraction of their current level.
The speed and depth of XRP’s expansion and adoption are far and above than that of any other digital asset, and Ripple is the only one that is now stepping into real-world business applications that solve some of the most entrenched business problems for the last few decades. It is only a wait and watches for now, when does the coin begin its next rally, something doesn’t seem to be fizzling out. If Ripple and XRP adoption continue at this rate (and obviously if it doesn’t get termed as a security) we might even see XRP moving ahead of Ethereum to become the second largest cryptocurrency.
Does XRP have enough potential to leap forward Ehtereum to become second largest cryptocurrency? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.