While the markets haven’t been the best lately and Bitcoin’s value is showing resistance from the bears, Ripple ’s XRP is still a great prospect for many investors. And there are many reasons why XRP is so promising as a crypto and how it could be the first crypto to really break out from Bitcoin in the near future. Let’s look at some of the reasons why XRP is still a great deal this year and beyond.
What separates XRP from other cryptocurrencies isits solid and easily understandable usage case. XRP was dubbed as the crypto for the banking industry and was created to facilitate bank transfers. Banks have already shown that they respect the Ripple’s blockchain, which only gives XRP more visibility. But the fact that XRP is heavily centralised also makes it less interesting to speculators, which is actually a great thing when considering its usage case. While this may be an issue for swing traders, a more stable XRP also makes it a more solid store of value.
And the usage extends way beyond banks only. Since XRP’s goal is to facilitate money transfers, companies like Western Union and Visa, who also have to process international transfers everyday, are looking into Ripple and XRP and how they could integrate it into their operations. And all these partnerships are already paying dividends and are increasing XRP’s popularity in the mainstream.
The technology behind XRP is really what is getting so many people interested in the project and why XRP is one of the few cryptocurrencies that is actually getting recognition from financial institutions and analysts. XRP really has a chance to disrupt the banking system and overthrow SWIFT transfers. XRP transfers can be done in as little as four seconds with no fees. SWIFT transfers are more costly and can take up to five days. So, it’s not difficult to understand how much of a disrupting force Ripple could be and why XRP can seem interesting.
Ripple also differs greatly from cryptos like Bitcoin and Ethereum in that they actually operate as a business. Over 100 banks are already testing Ripple’s network, and they intend to have over 200 banks on board and continue to aggressively pursue new partners. This means demand for XRP will eventually rise as more banks and financial institutions either decide to use their blockchain or amass a few tokens to diversify their options. As described on the ProCurrency website, Ripple is also extremely secure. It is difficult for others to steal cryptocurrency and as every transaction is encrypted, it’s safer than dealing in cash.
Ripple is also benefiting from being associated with tech giants like Google who were one of the earliest backers of the cryptocurrency. And both Apple and Google have expressed that they prefer the blockchain as a method of payment over existing credit cards. Google saw in Ripple an opportunity to make international payments simpler and more secure and the fact that such a giant would openly back Ripple only adds to its legitimacy among tech circles and the public at large.
Ripple’s XRP is definitely one of, if not the most, promising cryptocurrencies on the market. It has one of the most solid usage cases, is already gaining recognition from major institutions, and is backed by one of the most solid teams and technology.