Ripple’s XRP Momentum Builds with Resounding Success
Ripple XRP CEO Brad Garlinghouse talked about the momentum it is gaining and how it is different from mainstream stocks and other digital assets. This momentum surely has the third largest cryptocurrency XRP to go over and above $1 or $5 as it gradually gains resounding success and further penetrates the finance industry.
A bull run is certainly looming over the crypto market. The starting effects can already be seen as the cryptos go green. However, Ripple is currently in the red at $0.61.
With this month at its end, it has been an amazing one for the Ripple as it made various announcements and successful usage.
In an interview with CNBC, Brad Garlinghouse, the CEO of Ripple talked about “signing 20 production contracts with new firms.” The company had a record first quarter as well.
Ripple also announced its latest partnership with the National Bank of Kuwait. The largest bank of Kuwait will be using Ripple’s xCurrent. The news came just days after the second-largest bank of the country Kuwait Finance House (KWH) became the first bank to join RippleNet for cross-border instant payments.
XRP is becoming a game changer as pointed out by the London-based foreign exchange company. The UK-based foreign exchange broker and international payment provider, Currencies Direct utilized XRP for money transfer between banking organizations in the US, Mexico, and Europe.
“Trial with XRP was a resounding success” stated the Chief Product Officer of the company.
An exciting month up ahead for Ripple, XRP to surge high
Just recently, two FinTech companies, a Singapore-based InstaReM and Latin America-based BeeTech partnered up with Ripple. By using xCurrent and xVia, the aim is to provide real-time payment flow across borders.
Brad also talked about the difference between the digital assets:
“There’s a very high correlation between the Ripple XRP price and the bitcoin price, but ultimately these are independent open-sourced technologies. It’s early, over time you’ll see a more rational market and behaviors that reflect that.”
He further explained:
“It’s still a nascent industry, the speculation in the market dominates the trading activity. I think it’s a matter of time until people better understand the different use cases.”
Commenting on the ongoing regulatory scrutiny on Ripple XRP among other cryptos, Brad maintained that it is different from classic stock in the way that:
“If you own XRP, you don’t own rights to the profits or any dividends to the company. XRP has real utility.”
The third-largest cryptocurrency in the world is one of the most influential cryptocurrency. With constant developments and number of partnerships, it remains focused and active.
Its various products like ripple xCurrent, xVia and xRapid are gaining wider adoption in the mainstream financial industry. Once it completely penetrates this market, it won’t be long when XRP will go to the moon.
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