Ripple (XRP): How Could You Miss This With Ripple?
Ripple (XRP) is not among the top three coins by default; the coin’s team has worked intricately to get the platform where it is now. And now that the crypto is establishing itself within cryptocurrency circles, it remains to be seen what direction it is going to take.
The one thing we are sure will continue to happen is that the company behind RippleNet and XRP won’t relent in efforts to become the top crypto in the banking and financial payment industry.
Though it faces stiff competition from its “cousin” Stellar (XLM), Ripple seems to be clinging to the mantle as it rapidly expands. A strong list of veritable partnerships makes the platform so exciting, even with criticism that it ain’t exactly decentralized as cryptocurrency envisions it to be.
Does it matter really?
To a large extent it does. But with Ripple, consistently focusing on one use in the blockchain space gives it a lot of credence robbed by a lack of a decentralized structure.
When you stack up Ripple against the more decentralized platforms in terms of payment solutions, the truth is that XRP will come out tops. The reason is that this platform has made its reach so pinpointed it’s easy to see what they want to achieve.
Of all cryptocurrencies aiming to provide solutions to the hurdles facing traditional payments over borders, only Ripple has zeroed in on that. And it comes with three weapons in its arsenal- speed, extremely low fees, and highly scalable network.
To better develop its solutions, the platform has shown a lot of reluctance in venturing into token issuance and dApps development. This is despite a lot of interest to use its framework for the same. The best tool to use in gauging a cryptocurrency is its use cases.
That, in most cases, is what distinguishes serious projects from those that can only provide a base for market speculation.
What makes XRP so appealing?
Applied to Ripple, the most important part of the bargain would be whether it can deliver its product to the market. And so far, it appears well on course, several banks, payment providers and other service delivery platforms using XRP in their transactions.
The latest on the long list are Santander and Apple Inc. Santander has unveiled OnePay FX, an app that will help users send or receive payments across Europe and the USA.
The deal is a reflection of how fast companies and institutions are willing to pilot and implement XRP-enabled payment solutions. The other mooted deal would see Apple Inc develop its own payment API using the Interledger protocol.
Though not officially using Ripple’s platform, the move opens up the possibility of it happening at some point.
Part of XRP’s appeal is its usability in the real world. In terms of what it can do, the currency is perhaps the best part of the Internet of Value. This is what constitutes Ripple’s vision. It enables the platform to provide a framework for moving money across borders at what we like calling “digital speed”.
XRP offers a faster, transparent and highly scalable solution to the perennial problem of slow remittances and payments.
Now with this crypto, money moves real fast-providing real-time relief to financial institutions and banks. It’s precisely this factor that could see an even wider adoption of the Ripple platform’s solutions like xRapid and xCurrent by more and more institutions around the world.
XRP price movement
On March 19, 2018, XRP traded at a recent high of $0.749. However, the gains tailed off and the crypto dropped to a new low of $0.46 by April 6, 2018. The current surge started off on April 7, 2018, rising to $0.687 a day before the US Tax day on April 17, 2018.
Over the last three days, XRP made solid gains to outperform the top five coins. That brief reign was checked by a sudden reverse that hit the market during the Asia trading hours. The coin derailed going down -3.08% before rebounding quickly to trade at +2.36% against the USD.
Its value of $0.6765 is +39.13% higher on its value over the last 7-days. This makes XRP the best performer in the top 5 coins the week ending today.
It should also be noted that its market cap of $26 billion is double that of 4th placed Bitcoin Cash and just under half that of Ethereum at $50 billion. The market cap has risen from $19 billion on 5th April, when its uptrend began.
This fact has prompted speculation that Ripple (XRP) could be a run that could see it overtake Ethereum at one point in the future.