For any cryptocurrency project to succeed, it is essential to maintain a strong community of people who invest in it and are devoted to its cause. While the developers are important for any blockchain ecosystem, it is the community of people that support the project that matters the most.
Ripple boast such a following and has benefitted from this. The Ripple community is known for its commitment to the success of the Ripple project. Though cryptocurrency markets including Ripple [XRP] were down, the community does not waver in support for the cryptocurrency, always anticipating new developments which are met with cheer and often times an increase in token value.
However, a good community like Ripple’s thrives on certain factors like timely updates, product development, and partnerships.
Ripple’s Products and Applications
With a goal to be the major payment processing platform, Ripple blockchain is designed to address real-life problems in the financial sector. Its main products which include the xCurrent, the xRapid and the xVia are created to suit different areas in the sector so as to accommodate a large number of users.
Whereas the xCurrent does not makes use of Ripple’s native XRP token, the xRapid appeals to financial institutions which want to facilitate real-time and cross-border transactions by first converting to XRP token. Thus far, this has worked well for Ripple considering the number of trials and partnerships it has gathered.
Ripple’s Strategic Partnerships
Industry heavyweights like Amazon and Apple have integrated Ripple’s technology. Also, financial giants like Santander, American Express, Western Union, and MoneyGram have all lent credence to the superiority of Ripple’s technology through product trials. Another strategic partnership was cast with Hyperledger which allows Ripple to implement the cobalt protocol which would further increase transaction speed.
[Here is a list of major firms testing or using ripple’s xRapid]
Probably the biggest move that boosted the ripple community is its cross-border payment solutions for Small and Medium Scale Enterprises (SMEs). By offering real-time point-to-point transactions between users, Ripple takes away the struggles faced by small businesses when receiving payment from foreign customers.
With these sort of partnerships, the community stands firm in the knowledge that the currency will remain relevant in the future.
A bright future for the XRP Token
More than anything else, it is the value of the XRP token that keeps its community ticking. However, it is not just the current value but more importantly, the future value. Although cryptocurrency markets (including XRP) recently experienced a major dip, the members of the community are confident it will bounce back and perform well. They are always anticipating vital projects by the XRP team.
Ripple CEO predicted that as soon as 2019, dozens of banks would use the XRP. This sort of ambition and behind-the-scenes work to make this happen is bound to appeal to any cryptocurrency community.
Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.