The Ripple (XRP) Momentum – XRP Is A Game-Changer And Has Real Utility

Ripple, the company behind XRP has had a remarkable 2018 so far, signing more than 20 major partnerships around the world. In total, there are over 100 partnerships in place, a fete no other crypto can match.

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Ripple, the company behind XRP has had a remarkable 2018 so far, signing more than 20 major partnerships around the world. In total, there are over 100 partnerships in place, a fete no other crypto can match.

The only downside is that, while most of those partnerships seek to utilize the blockchain solutions provided by the company, the XRP token has had minimal gain in terms of value.

The coin lost nearly 70% of its value in Q1, certainly the worst performing of the top 5. Then there have been questions regarding whether the coin should be classified as a security or not. Brad Garlinghouse, the CEO, has maintained it’s not, recently saying:

“If you own XRP, you don’t own rights to the profits or any dividends to the company, XRP has real utility.”

XRP is a game-changer and has real utility

Things are set to change for the coin, use wise, though. A few weeks ago, XRP pilot results for cross-border payments were released showing how useful and viable it was. The four companies involved indicated users could save up to 70 percent costs.

Another test has given the coin a resounding success.  That’s the verdict of another company, which proves that XRP has the potential to completely transform cross-border payment and money remittances.

Currencies Direct, a UK-based company has given resounding thumbs up for the XRP product. The foreign exchange broker and payment provider revealed that it used Ripple’s xRapid payment solution to complete monetary transactions between banks in the USA, Mexico, and Europe.

It said that the entire process was over in seconds. In contrast, similar transactions using the current systems take several days and costs more.

The company’s CPO, Brian Harris, said that the “trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.”

Another major bank joins RippleNet

The march towards transforming the banking sector continues for Ripple with one more partnership this month. The Kuwait Finance House (KFH) recently became the first bank from the oil-rich country to join RippleNet.

While announcing the deal, the Bank emphasizes the effect of having a system that saves time, especially when funds need to be sent quickly for humanitarian efforts.

The Ripple CEO realizes the tremendous pace at which the platform has signed new partnerships in the financial industry. Reflecting on the recent deal, he said:

“It’s really been an incredible 2018 for us. We’re now signing up more than one bank to a production contract per week. So it’s really accelerated over 2017.” The pace is there, ready perhaps for more uses for the digital asset.

XRP for more uses

The good results from different companies are, without a doubt, great news for the coin and its future application in the financial sector. However, that’s not all.

According to techcrunch.com:

“Ripple is making a push to expand the use of the XRP cryptocurrency into new verticals and segments beyond the payment and banking space where the company is focused.”

Through its Xpring initiative, Ripple hopes to pull more entrepreneurs and companies to the use of XRP. While the company will continue to focus on financial services, the digital platform, and its native asset could be set for application in more ways other than just money.

Where else can XRP be utilized? Well, in lots of other areas that can benefit from a platform that provides scalability, speed and low costs to transactions.

The result is you could soon be seeing the XRP protocol in use in the gaming industry, trade, virtual goods, media, identity, real estate, and micro-payments. With such initiatives possible on the platform, the reach could be endless, so to speak. And if the company manages to bring start-ups onto its platform for an ecosystem around the native asset, the momentum gathered would be hard to stop.

XRP in the market

The company will in the foreseeable future continue to struggle with the perception that the coin is tied to it. That will in some way be a hindrance, but won’t stop it from growing. In terms of price, the coin won’t have huge price jumps but could rise to over $3 in 2018.

Currently, XRP/USD trades at $0.611, having declined over the last few weeks from a recent high of $0.93. Ripple remains the 3rd largest cryptocurrency with a market cap of $23.9 billion and a current 24h trading volume of $304 million.

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