The popularity of Ripple (XRP) as a global digital asset brand appears unstoppable by the Reserve Bank of India (RBI). Its real world use cases are on the increase and its uniqueness in the cross-border currency remittance sector has transformed many lives and achieved more than the traditional banks.
Ripple appears less rattled by RBI imposing ban on Indian banks that deal with digital coins. This barely come days after the second leading digital coin by market cap, Ethereum was cleared by the SEC. Ethereum is not a security and this will pave way for additional features that have been missing in their ecosystem.
Ripple (XRP) Strengths to Water down the Ban
Ripple, the company is backed by the Basel norms and to some extent, RBI’s panel report that suggest a new framework that could rescind the decision should they be followed to the later. Ripple is innovatively designed to stand out from the like of Bitcoin. There is a huge difference between Ripple as a company and the coin, XRP that fuels its ecosystem.
According to the Head of Infrastructure Innovation at Ripple, Dilip Rao:
“Unlike Bitcoin and other cryptocurrencies, XRP – the digital currency created by Ripple- is designed to enable remittance of fiat currency and not to replace it. Besides using XRP for remittance, the Company also offers its platform Ripple Network to lenders for facilitating cross-border remittances- rivaling the SWIFT network that has been conventionally used by banks.”
Ripple has already partnered with three private Indian lending outfits that use the network for the sole purpose of making payments using only fiat currencies. IndusInd, Yes Bank and Axis Bank have so far embraced Ripple technologies. The goal of the partnership is to connect digital currencies to make cross-border remittances seamless.
Ripple Presence in the Indian Market
Ripple is not a new entrant into the Indian digital money market. Since last year, they have been operating an office in Mumbai headed by Navin Gupta; the former Citibank chief as their country director. Ripple has a good following the Indian sub-continent and the trust and confidence keeps growing
In support of Ripple Rao said:
“There is a great regulatory comfort with Ripple Net-particularly in the light of the Bank for International settlements’ policy requiring central banks to have a backup for payment systems having non-similar technologies.”
Ripple has been in the forefront of popularizing its three major products; xCurrent, xRapid and xVia, to the banking and remittance sectors and has so far scored highly among partners who have integrated them into their existing systems.
In addition, Rao emphasizes that by fronting for Ripple as a proven and viable Real Time Gross settlement (RTCS) platform in countries where banks are not connected, using the platform will save the banking and remittance service providers billions of dollars with low fees benefiting the end user.
Ripple (XRP) Market Price Recap
Ripple (XRP) has been trading in the red for the last 24 hours but holders are worried that the coin might dip under and break the April lows. Hopes are on the high that RBI ban will be soon lifted and get its volumes boosted. This will be an uphill task given that the entire market is still struggling for any tangible gains.
At the time of reporting XRP was trading at $0.531962 after shedding a marginal 3.51% to the USD and 1.48% to Bitcoin. According to CoinMarketcap charts, the coin is poised for a down trend but with the market price fluctuation, anything is possible and a breakout could be in the offing mid-July.