Ripple has been looking to become the next big thing. In fact, a few weeks ago, it was able to take the position of Ethereum in the second spot. And what made Ripple appealing is their xRapid. According to Ripple, the xRapid is their “bridge towards cryptocurrencies and fiat”.
But if you will look at Ripple, it didn’t exactly have a smooth year. This year, they encountered a number of lawsuits. The lawsuits claim that XRP is a security.
The Future of XRP?
The price of XRP hit a $0.2684 low, but there are those who believe that there is a chance that it can challenge $1 right before the end of the year. Now, let’s take a closer look at the numbers. In the third quarter of the year, XRP sales made $163.33 million. Compared to $75.53 million last year, this is a great improvement.
Next, you also have continuous adoption. SBI Ripple launched a blockchain-based money remittance app. The app could dominate Japanese bank transfers. This app is called MoneyTap and it has allowed users to do free domestic transfers. In Japan, there are already around 61 banks that are supporting this app. Among those banks that support MoneyTap include Suruga Bank, SBI Net Sumishin Bank, and Resona. What it can potentially do as well is lessen the fees of sending payments between banks. It is a convenient option as well as you only need to have a QR code or the number of the recipient.
Banco Santander is another reason why Ripple could potentially get closer to $1 soon. Banco Santander launched a mobile payment solution that is powered by Ripple. Banco Santander is today’s ninth largest financial institution in the world in terms of revenue. Also, it is the biggest bank in the Eurozone.
It is also possible that Ripple could become the official cryptocurrency for the 2020 Tokyo Olympics. There was a petition by Ken Takahashi to make this a reality. And so far, tens of thousands have already signed the petition. The reason behind such campaign is to lessen the stress of falling in line when you need to have your currency exchanged to yen.
The petition said that “As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem. We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem”.
Could Ripple Overthrow Ethereum Once Again?
Could Ripple soon take Ethereum’s place in the list of top cryptocurrencies soon? It already happened twice. It is possible considering Ripple’s potential for adoption. If this happens, there will be a much higher demand for XRP not only from retailers but even for banks and institutional investors.
This year, many are still anticipating the entry of institutional investors. Could Ripple attract institutional investors given its capability to decrease the cost of cross-border transactions? However, keep in mind that Western Union mentioned in the past that Ripple didn’t do much to help reduce the cost of cross-border transactions.