Is Ripple’s XRP The New Crypto Standard?
The continuing bear run in the crypto space is not in favor of some cryptocurrencies. Ripple (XRP) has been making moves to remain in the green despite the reds that trailed the market for many months.
Even so, performing cryptocurrencies like Bitcoin (BTC) maintained firm stand in the crypto space. As the market price of digital currencies continue to slump, analysts are raising questions as to whether Bitcoin can hold the forth for long.
The recent “coup” instituted by Ripple’s XRP which threw Ethereum down from the second position laid credence to the assertion. Throughout the lifespan of cryptographic transactions, Bitcoin (BTC) has been leading the market. After Ripple’s (XRP) bullish race that dethroned Ethereum (ETH), it seems Bitcoin’s (BTC) clock is ticking.
Is Ripple (XRP) a Crypto Standard?
Some Ripple (XRP) apologetics are already speculating the coin’s potential to replace Bitcoin in market capitalization. The rapid rise that saw Ripple (XRP) surpass Ethereum (ETH) always comes to mind. The question of becoming a crypto standard can perhaps, be answered by events in the coming year.
From a concise view, the tons of partnerships the coin has struck within the year set it on the path for global adoption. In few years, Ripple’s XRP will gain massive acceptance across multinational banks. It is also possible to take over the developing countries controlled by Stellar (XLM).
Vote of Confidence from SBI Holdings
Among the top ranking partnerships Ripple (XRP) entered into, the State Bank of India (SBI) provided the inroad to the Asian region. The bank has been using the coin’s cross-border payment tools in exploring the workings of the blockchain technology in India.
The confidence the bank reposes on the coin created avenue for the coin to explore more opportunities in the region. It is important to note that the Arab region is a volatile ground for cryptocurrencies.
While following Islamic laws, thousands of unbanked individuals in the region can utilize Ripple’s (XRP) cross-border payment tools for their daily financial transactions. The era of ushering in a global standard of cryptocurrency is fast coming and Ripple’s XRP is sure to clinch the position.
Kitao Champions the Cause
The crypto community in Japan converged for the Japan Blockchain Conference held on June 27, 2018 to discuss pressing issues in the cryptocurrency market.
The conference which had in attendance Cardano’s creator and cofounder of Ethereum (ETH); Bitcoin.com’s CEO and other bigwigs in the blockchain sector created opening for dissemination of Ripple’s (XRP) gospel.
The Chairman of SBI Holding and CEO of SBI Group, Yoshitaka Kitao was of the opinion that Ripple’s XRP was the “next big thing after Bitcoin (BTC)”.
He opined that the coin has performed well in cross-border transactions; offering faster transactions with fewer fees. He noted that the coin has “battle-tested” solutions that perform better than traditional payment gateways.
Kitao’s support for the coin is not unconnected with rapid results its international payment processors pushed forward. For instance, India’s largest banks, Shinhan and Kookmin also used the coin’s blockchain network to process cross-border payments.
Ripple’s XRP: Another Crypto King in the Making
The efficiency of xRapid and xCurrent are also reasons why Ripple’s XRP stands better chance of becoming the next crypto standard after Bitcoin (BTC). The low transaction costs and 3 second transaction throughputs also put Ripple (XRP) in the spotlight. As the bears continue in the crypto market, Bitcoin (BTC) might cave in under pressure. Whether this happens anytime soon or later in future, there leaves no doubt that Ripple’s XRP is a crypto standard in the making.
Niyi Adejare Moses Author
Niyi Adejare is a cryptocurrency analyst. He has written many articles on cryptocurrency, technology, and personal development.