Bitcoin, since its introduction has been ruling the crypto market. It has become the topic for discussion at every forum and meeting and has been attracting investors.
Bitcoin, since its introduction has been ruling the crypto market. It has become the topic for discussion at every forum and meeting and has been attracting investors. We may soon hear about its rival i.e Ripple(XRP).
What is Ripple?
Ripple works on Blockchain and distributed ledger technology. It is a global settlement network. For making a settlement, fees are paid in XRP coins and these are traded in the cryptocurrency market.
Ripple promises to provide hassle-free money transfer experience using blockchain. Spain’s BBVA, Royal Bank of Canada), Bank of America and Standard Chartered are all adopting this new form of digital currency. As promising as it seems, some people believe it has the potential to revolutionize the financial sector.
Ripple is 4th on the list of market capitalization, trailing only to Bitcoin, Ethereum and Bitcoin Cash with a market cap of approximately 6.6 billion US dollars, after starting the year with a valuation around $250 million.
Ripple is solid
Jeremy Epstein advisor to OpenBazaar, IOTA and Zcash, haw been following ripple ever since he read the Ripple whitepaper fifteen months ago.
He expresses his excitement saying
“I was excited about Ripple. I think their focus on a specific use case and being the common overlay for the global banking system of settlements is spot on. The effort to make XRP a de facto settlement coin is strategic brilliance.“
He further adds
“At the same time, as banks continue to mobilize on the blockchain front, they have an existential threat in the form of industry consortia that, sensing Ripple’s potential dominant role, will respond in kind. The good news for Ripple is that consortia have a poor track record, so I like their chances.”
David Drake, the chairman of wealth preservation firm LDJ Capital is also excited about Ripple
“A lot of people in the beginning question Ripple but now when they are doing the second round of fundraising for Ripple Labs I expect a larger valuation. It is not inconceivable that this may simulate the trajectory of something like Uber down the road.” he says.
Xavier Hawk, founder of Permacredits and Phireon says Ripple is a solid and promising product. He says in his statement:
”While some other currencies have bravado and hype, Ripple has revenue, clients, and a strong position in the market. Ripple is establishing itself as a solid organization with its priorities set straight. Since the beginning of its inception in the market, it has gone after the right clients, built the right networks, and provided value to the banking world behind the scenes irrespective of all the hype in cryptocurrencies.”
Kamil Przeorski, co-founder of platform Experty.io said
“Ripple has immense potential. Ripple has a unique market position compared to other currencies. It has been getting stronger in the market over the last few years.”
Przeorski thinks that Ripple will bring about change in banking styles and financial institutes will enter the new era of Blockchain technology.
“It’s in a great position working with banks and can expand into other products or services and that’s where it has strength over others. These partnerships will allow Ripple to continue to expand and become more valuable,” adds Przeorski.
Investors will be showing interest in this new cryptocurrency and will want to learn more about it. This new digital asset is all set to bring a major change in cryptomarket.
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