With the increased demand for instant cross border transactions on the rise, Ripple (XRP) continues to prove the world that all is not lost. Transactions using Ripple technology has significantly reduced the cost of making international payments by over 70% in a process that takes minutes instead of the traditional days or weeks.
Using the xRapid software, Ripple has impressed many financial institutions to adopting the new technology. This appears to be increasing the XRP demand setting it up for a bull run at the backdrop of a digital coin market that is still recovering.
Ripple (XRP) Getting Global Currency Reservoir Status
Ripple (XRP) is ranked 3rd by market cap but among the top ten with the highest amount in circulation. This is one of the many reasons the coin is set to get the global reservoir status in the very near future. Just like the traditional central banks, Ripple has a stable reserve that will soon act as a catalyst for future investments and global debt settlements.
With a sizeable reserve, Ripple is able to help Zover 75 partner banks settle inter-bank debts within seconds. The Ripple products have proved it only takes a few seconds to send through banks to help in humanitarian emergencies across the globe. It no longer makes sense to use the banking system to send aid to affected communities while it is faster through Ripple xRapid.
Reaching out for more banks to come onboard makes it easy for XRP to become the global currency reservoir. The platform is secure and does not have a history of software upgrades or forks. This means it can only go forward by increasing its transactions speeds and lower the costs given that there are plans to introduce smart contracts to the network soon.
XRP liquidity and a huge circulation supply now standing at 39.2billion is a good sign of a global digital currency reservoir. With micro-transactions to boot and XRP trading under $1, getting the global reservoir is not a pipe dream for this sleeping giant. There are all indications that global central banks are having a soft spot for the digital coin and its technology.
Ripple (XRP) Partnerships Unleashing the XRP Bulls
Ripple (XRP) is becoming the natural baking solution choice thanks to the xRapid software for banking institutions. Many currency remittance companies, led by UK’s Currencies Direct have tested and adopted the Ripple technology that saves then industry millions of dollars in transactions, reduced the time it takes to send and receive money with all the benefits if reduced fees trickling down to the consumer.
Ripple value addition in to the sector is putting a lot of pressure in the industry leaders like MoneyGram and Western Union. Transactions are secure and seamless and you can transact on the go using a simple smartphone. With the tests, the Currency Direct Chief Product Officer, Brian Harris has this to say:
“Our trial with $XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate…”
Harris goes on to add that:
“Our goal is to offer the best possible service. We believe that utilizing cryptocurrencies in this way – as a transfer of value, rather than as a store of value – is the next logical step for our industry. It is, after all, the intended purpose of cryptocurrencies”
Another strategic partner to adopt Ripple’s products is the Kuwait Finance House (KFH) arguing that the platform holds the future of fast money transfers in a transparent manner ideal for players in the international humanitarian field.
Adding XRP to Japanese SBI Exchange is a clear indication of the anticipated bull-run. This gives the investors more confidence and trust on the coin to spur its long term growth. However, it is also important to look at how the coin is doing in the market lately.
Ripple (XRP) Performance
The market has not been very friendly to any coins including XRP but the last few days have seen some coins embarking on their recovery journey. Ripple (XRP) has gained 13.04% over the last 7 days and 2.36% against the dollar in the last 24 hours and this could be the most anticipated breakout.
The XRP is trading at $0.666831 and the uptrend appears to continue in the next few days as major currencies continue to trade in the green. According to analysts, the coin is set to hit the $1 market by end of the years and it will not be turning back holding all market forces constant.