Ripple (XRP): A Bad Time To Deliver Good News?
Having been voted among the ten highest performing digital coins last year, Ripple (XRP) is poised to continue extending its tentacles in the new markets by gaining 5 new customers.
Ripple has added two Banking institutions and three currency processor service providers of repute who are embracing blockchain technology to give their users near low-cost transactions.
Who are the New Ripple (XRP) Customers?
These new customers are drawn from Canada, Brazil, India, and China. Zip Remit is a Canadian based money processor service provider that originated in East Africa. Itaú Unibancois another bank in the Brazilian private sectors that have come to onboard Ripple. It is known to have a say in the Brazilian financial front and the biggest in of market cap.
From the Indian subcontinent Ripple (XRP) has brought onboard IndusInd, a leader in the Indian banking sector. They have also brought Beetech to the network. This is an online money transfer and exchange platform that was recently approved by the central bank of Brazil.
Another remittance service provider giant is InstaRem based in Singapore which has grown its subscriber base to 20,000 within a span of fewer than 18 months. Most interestingly, Chinas’ LianLian International that has stakes in both Apple and PayPal is also a recent Ripple’s partner.
What has made Ripple popular are some of its software packages that can easily integrate with banking and currency remittance systems? The xCurrent technology is ideal for the fast cross-border transaction is popular among banks. Money remittance service providers are also set to be using xVia, a technology solution that allows payments to be sent globally in near real-time; ideal for corporates and businesses.
Ripple Pledge for new $40 Billion XRP Support
With the anticipated traction and Ripple acceptance by more investors, the platform is upgrading its underlying technology to maintain its value in the cryptocurrency market. This will be achieved by improving and diversifying connections to individual nodes and software for better verification of transactions across the network.
Big investor banks like SBI and Santander are supporting the initiative and $40 Billion worth of XRP are earmarked for the project. Once the core infrastructure that supports cryptocurrency is enhanced, more transactions will be processed; more institutions will onboard thus increasing XRP value and that of the entire Ripple outfit.
As much as Ripple is trying to offer high-quality products to Bitcoin; it is not all easy sailing for Ripple and its token. The cryptocurrency bullish outlook could hold it from skyrocketing going forward. Second, investors are not clear on whether they are investing in Ripple, the company or XRP the token.
Ripples’ (XRP) Problem
There are two arms of Ripple; the arm that develops the software for its customers while Ripple is the currency that is represented by XRP. Ripple is the mastermind behind xCurrent that is used in the banking sector to make cross-border money transfer fast and affordable.
Ripple is also behind the xRapid or improved liquidity and allowing the emerging market consumers use the Ripple coin as a way to make payments globally. A new product, xVia that was launched recently targeting the money remittance sector where transactions across the border are in minutes.
XRP represents the native Ripple token. The beauty of the Ripple crypto is that you do not have to use XRP on the company blockchain application. The tokens are only used by xRapid. xVia and xCurrent are a different ball game; they do not use XRP token.
It is with these distinctions that banking establishments are turning to the Ripple for today’s solutions in the sector. The goal is to achieve fast and cost-effective money transfers globally. Modern money transfers and processors demand state of the art systems that discern the consumer.
Ripple has already set its eyes on transforming the banking and money remittance sectors. There is increased understanding of what the network is all about and more and more investors are joining to and transferring the benefits to their consumers.
With the latest 5 customers, additional $40 Billion worth of Ripple (XRP), the platform is set to give Bitcoin a run for its money. Currently the exchange rate for the Ripple token, XRP stands at $0.941106 (-6.53%). This is an ideal entry point for small and big investors and a point for mass adoption before the anticipated traction during Q2.