Was Ripple (XRP) Really Ineffective for Western Union?
In a recent announcement from the Western Union CEO, Ripple (XRP) trials didn’t prove to be cost saving as previously believed. The news came as a shock, considering Ripple (XRP) investors thought that Ripple was as effective as it was marketed.
As a response to the Western Union CEO announcement, Ripple CEO commented that 10 transactions by Western Union over a period of 6 months was not enough proof to show Ripple’s ineffectiveness.
A question arises: was Ripple ineffective for Western Union or was there another reason why the company didn’t want to continue with this technology? Considering the fact that in 2016 Western Union had filed a crypto patent, there could be some answers to these questions.
One of the conclusions would be that the company was already looking to use their own blockchain technology to cut costs. They might have used Ripple to compare the results and didn’t need a mass testing. It would be only fair to have a small scale testing to minimize the costs, since they’d plan to develop their own blockchain technology in the future.
Another conclusion would be that the company was ready to use Ripple (XRP), but they concluded it’s best to keep all tech under their control. Even if the tech they filed a patent for in 2016 wouldn’t be as efficient as Ripple, they own it and it makes for a better choice.
Western Union’s View on Ripple – Doesn’t Impact Ripple’s Power
In any of these cases, XPR investors should know that XRP is a superior cross-border payments tech, and that it will be adopted by banks and financial institutions worldwide. Santander group uses Ripple and banks that use XCurrent will soon use Xrapid, because XRP is more effective in cutting costs than XCurrent.
Ripple (XRP) grows more powerful as it takes over the banking industry in Japan with the SBI consortium. It controls a great majority of Japanese banks. This goes to show that Ripple (XRP) is strong and that Western Union’s view on Ripple has no influence on it. At this point, Ripple doesn’t need an individual corporation’ validation, because they need Ripple more than the other way around.
What should Ripple (XRP) investors understand from this game of power? Only one thing: it’s time to buy Ripple (XRP), now that it’s cheap. It will grow exponentially as banks test to adopt it for cross-border payments. A Ripple coin would trade for more than $100.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.