Ripple (XRP) project was introduced by Ripple Labs to enable cross-chain payment movement and enhance the transaction volume of Ripple’s platform sans requiring any centralized trust. Ripple has sought to target banks and helped them to swiftly and economically impact the transfer of money all across the globe. One can buy and hold XRP as an investment for long terms as its traffic and demand have been surging.
Ripple can confirm transactions in just under 4 seconds duration and it can complete over 10,000 transactions every second. Ripple has a huge edge over Bitcoin that carries out merely seven transactions per second. Ripple’s XRP has now emerged as the third-largest cryptocurrency according to market cap. Presently, XRP is trying to trade above $0.30. Ripple continues to focus on cross-border transactions keeping its goal of revolutionizing international payments with its unique solutions.
Will Ripple Disrupt the International Payments System?
The primary objective of Ripple continues to resolve problems that have plagued the international payment system since the start. And, this is the reason why it sought to make XRP a retail cryptocurrency for micropayments just like Bitcoin or Litecoin. And, Ripple is also achieving success in accomplishing its objective. It has achieved key partnerships with over 200 banks and other leading payment services spread all across the globe. The leading names may include MoneyGram, Western Union, and Banco Santander, among others. As per XRP News Today, XRP has also emerged as one of the most successful cryptocurrencies in the years 2017 and 2018. Ripple’s XRP has already carved its identity as the cryptocurrency of all seasons.
As of now, financial organizations all over the world have maintained a hostile tendency towards cryptocurrencies. However, a large number of them have realized that Ripple’s technology can save them significant time and money in comparison with standard systems. Ripple technology has emerged to be far better. It is quite fast, economical, and reliable.
Ripple is making huge waves in the cross border payment segment. It is worth noting that The World Bank and IMF have already recognized the disruptive potential of Ripple’s technology. Members of the XRP community stated that Ripple has already begun to disrupt the traditional payment system.
Ripple Will Provide a Network for Private Transactions
The software developers of Ripple will permit users to send private transactions to one another with the help of XRP ledger. Ripple engineers claimed that Ripple developers have already created a new private payment system for the XRP ledger in a bid to keep the exchange users safe from malicious third parties. The major aim of Ripple is to connect banks, digital asset exchanges, and payment providers to allow swifter and economical payments globally. The Ripple network is an entirely decentralized currency exchange. On the other hand, Bitcoin involves a centralized one. It implies that if users seek to exchange XRP for USD, they can do so within the Ripple network sans any third parties or intermediaries. Therefore, if someone seeks to sell their XRP for USD, they can do that within the network without any third party. Ripple was established solely for banks and payment networks in the form of payment settlement, money transfer system, and currency exchange, among others. The real purpose of Ripple was to establish a system of direct asset transfers in real-time that would be economical, transparent, and safe.
Ripple Will Make the Crypto Industry More Innovative and Competitive
Ripple has emerged as the only cryptocurrency to accomplish the huge adoption of its technology. It has got a significant potential to impact the industry. The arrival of MoneyGram, World Remit, and Western Union, among others, has made global money transfers quite competitive. However, Ripple has managed to disrupt the conventional costs linked with money transfers and extensive processing time simply by optimizing the blockchain innovations. Presently, Ripple transfers can be executed instantly when compared with other competitors. Cost-saving has emerged yet another advantage that has given Ripple a significant edge. The various advantages associated with Ripple can make the crypto industry highly competitive and innovative.
Potential of Ripple to Change the World
Ripple has become a safe system with adequate transparency and privacy to make your transaction secure. Moreover, Ripple has also tied up with several Fortune 500 companies to boost XRP as a cryptocurrency. Till now, Ripple has sold over 30 million XRP units to Fortune 500 clients. It now seeks to introduce the technology in more than 100,000 retail locations globally. With its surging adoption, it has massive potential to change the world.
Experts predict moderate price growth for XRP. And, the positive trend is likely to continue in the years to come with the coin may trade at $0.54 by the end of the year. The cryptocurrency, as per XRP Prediction, may hit $1.23 by the end of 2025.