Ripple (XRP) could trigger the bull run of 2019 and overtake Bitcoin (BTC)

2018/12/17/ 21:12


Opinion

XRP has been dormant for a very long time and as the end of 2018 approaches, much-needed news about Ripple’s partnerships with major financial institutions have started erupting in the crypto-space.


In addition to the above, XRP and cryptocurrencies are being backed by major players in the financial industries, like the managing director and the chairwoman of the International Monetary Fund [IMF], Christine Lagarde, which is a telltale of massive adoption of cryptocurrencies in real-world.


Ripple’s Partnerships

Ripple made massive partnerships with major banks and financial institutions around the world, like Israel’s GMT, Turkey’s Akbank, MoneyGram, AmericanExpress, CIBC, Earthport, and many more who have the access to use Ripple’s blockchain technology for cross-border payments and more.


Akbank announced that it was using Ripple’s blockchain technology [Ripple Net] to transfer the GBP to U.K.’s Santander, another financial services company. This announcement doesn’t clarify that it is not using XRP as bridge currency, but it doesn’t mention that it isn’t either.


Moreover, Brad Garlinghouse, the CEO of Ripple, words did come true, but partially because he had said that at least one bank using Ripple’s ‘xRapid’ by the end of the year 2018.


More specifically he stated: “I have publicly said we expect this year for at least one bank to use XRP in their payment flows to use xRapid.”


With only 14 days remaining for 2018 to come to an end, it feels like this what Brad Garlinghouse was talking about.


Apart from the above, there have been rumors in the XRP community that The World Bank could be in close cahoots with Ripple, which sounds too good to be true.


However, there is a definitive proof that The World Bank is considering using cryptocurrencies as per the study by Dr. Ramanathan Somasundaram and SM Quamrul Hasan, who are both researchers specializing in government procurement, proposes the development of a blockchain network to boost efficiency across government procurement systems worldwide.


Christine Lagarde, the chairwoman of IMF said that “Money itself is changing” referring to cryptocurrency revolution that is incoming. Brad Garlinghouse retweeted with a comment saying:

“@Lagarde is absolutely correct: Money itself IS changing. Digital assets not only help to solve the financial inclusion problem, but also the very real issue of a fractured global payments system – it just makes sense that Central Banks would lean in.”


With the current banking and the financial system, the transfer of money between countries takes a lot of time and has huge fees, that’s where Ripple comes into play with XRP as a bridge currency.


A Twitter user ‘XRP Veteran’ tweeted out an infographic representing the how XRP acts a bridge currency between different world currencies. Fiat currencies have a web of interconnected and inefficient ways to convert currencies, which is subject to liquidity


Source: Twitter @XRP VETERAN ✖️


Using XRP as a bridge currency helps accomplish cross-border payments in a maximum time of 3 to 4 seconds and unlike traditional banks, XRP and Ripple’s technology can be used 24 x 7 x 365.


By using Ripple’s xRapid there is a massive reduction in Nostro accounts, which are tedious and expensive, but with XRP, Nostro accounts will be eliminated altogether as banks only need hold the bridge currency which is XRP.


In comparison with other cryptocurrencies, Ripple and XRP make the transfer between any currency, any asset and any commodity possible.


With all these partnerships Ripple and XRP, in a tag-team plan to take on the remittance and the cross-border payment industry which is worth $155 trillion in total, as mentioned by Navin Gupta.


He stated: “Ripple is not an ordinary company… We are here to make a dent in the universe… And that’s the reason six years ago we were born with the mission of moving money like information moves today.”


He said cross-border remittances is a $155 trillion problem and that they would solve that problem first, make a difference to everyone in that industry and then move to next industry.


XRP spreads its reach

Coinbase recently announced that it is adding more than 30 assets to its trading list and XRP was one among them. Coinbase has always been known for scrutinizing an asset thoroughly before adding it to their trading lists.


Since that has been thrown out of the window, the cryptocurrency community speculates that it could be due to the bear market wiping off more than 80% of Coinbase’s trading volume since its all-time high in 2018, which was reported by diar, in a research.


Furthermore, the community speculates that adding XRP to Coinbase could somehow aid and recover the lost trading volume.


Binance’s CEO, CZ also voiced his opinion regarding Coinbase on a Tweet by Joseph Young.


Moreover, TD Ameritrade, a 40-year-old brokerage firm stated in a tweet that it is planning to explore addition if XRP.


The tweeted stated: “Glad you’re enjoying our content! We’re still exploring the #XRP space – stay tuned for more information. Our team is working hard to make things like this happen.”


Leading travel we]ebsite ‘Travela’ with more than 500,000 properties in over 200 countries has announced that users could book hotels in those properties using Ripple’s XRP.


XRP and Ripple enthusiast ‘XRP Vibe motivation’ tweeted out a map that shows a map of all the partners that are currently using Ripple’s blockchain services and exchanges that have listed XRP for trading. This could signify the reach of XRP and Ripple’s empire.


XRP’s market cap FUD

There was a huge commotion in the XRP community recently regarding the correct market cap of XRP. CoinMarketCap [CMC] not considering the XRPs in the escrow escalated due to the chief marketing officer of Ripple’s Cory Johnson, tweet.


To the commotion CMC replied:

“Hello, to help us process this request, we kindly ask that you have a member of an official team submit a supply update request here: coinmarketcap.com/request and select “I want to update information on an existing cryptocurrency or exchange”. Thank you for your understanding.”


Conclusion

With aggressive adoption and partnership amongst Ripple and other financial institutions if and when these banks go live and start using xRapid, XRP prices will definitely soar higher leading the next bull run.


This bull run in combination with the correct market cap of XRP could be how XRP becomes the first largest cryptocurrency in the world overtaking Bitcoin [BTC].








Article Source: AMBCRYPTO
Disclaimer: Opinions expressed herein are those of the writer, they are not investment advice and do not necessarily reflect the views of CryptoIn-N-Out.