Why Ripple might be the future of digital payments

Ripple, the world’s fast-growing crypto payment powerhouse, works with bank regulators and policymakers in several governments for the adoption of digital payments.

CryptoWhale, a crypto analytic firm, in a series of tweets, recently spoke on the odds of giving XRP the edge, as it works with government regulators on compliance.

The tweet reads, “Many criticize XRP for being ‘too centralized’, although this transparency is what government like,”

“While other projects are focused on getting a quick batch of new investors to exit scam, Ripple has quietly been working with government agencies to ensure compliance.”

At the time of this report, XRP traded at $0.241, with a daily trading volume of $1.55 billion. XRP’s price is down by -2.7% in the last 24 hours. It has a circulating supply of 45 billion coins, and a max supply of 100 billion coins.

Global banks having a relationship with Ripple

Japan-based Mitsubishi UFJ Financial Group, with assets of more than USD 2.8 trillion, announced in November, 2018 that, in cooperation with Ripple, it would provide an international money transfer service on the payment corridor from Japan to Brazil.

Banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.

Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia. Others having a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.

What you should know: Ripple (XRP) plays dual roles as a payment platform and a currency. It is an open-source platform that was created to allow quick and cheap transactions.

In addition, CryptoWhale is not all about talk, as he says he is looking to purchase more XRP, once the correction is over.

“I’ve been involved with XRP since 2013, and there’s a reason it has always held its spot in the top 3 or 5.”

As for those who have written off XRP, CryptoWhale offers the big picture. People often hate on XRP because it has not “moved up for 2.5 years.” However, he says:

  • This time range is so tiny in the investment world. Be patient.
  • XRP is up by more than 10,000% since 2014.
  • It has steadily held its position as top 5 coin for several years.

The Crypto investor, however, understands why XRP has so many haters.



guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Comments
Inline Feedbacks
View all comments