As the values of digital currencies continue to suffer due to the present bearish trend in the market, XRP (XRP) – the third largest digital currency in the world by market cap – is facing increased rivalry in the international payment space. Stellar, which is now backed by IBM in a recent partnership, is gradually becoming a key player in the competition to develop the most widely adopted and cost-efficient digital currency for global fund transfer.
Ripple and XRP Dominates Almost 50 Percent of India Market Share
While SWIFT is still the player dominating the international transaction space, Ripple Inc. and XRP have come on strong over the past year, with Ripple Inc. estimating close to 50% market share in India. As a core digital currency component, XRP (XRP) offers unbanked, developing populations access to a fast, secure, and safe means for transfer.
Nevertheless, while the digital currency has been a backbone in the digital currency space and the reigning competitor for international transfers, Stellar and the Stellar venture backed by IBM seems to be providing solid competition.
At the beginning of the BWW (Blockchain World Wire) month, IBM – a Distributed Ledger Technology- driven payment system – made an announcement that is putting so much pressure on Ripple Inc. and XRP not only to increase the strength of their cross-border payments, but to accelerate adoption to avoid becoming irrelevant in the global payment world.
XRP (XRP) Price Today – XRP / USD
Most of the negative sentiment and pressure surrounding XRP is likely due to the current price depression and fall-off from its all-time high. XRP (XRP) was trading at $3.80 at the beginning of this year, right now the coin is trading below the 30 cents mark, giving a lot of investors a great concern regarding the health of the digital currency.
Nevertheless, it still has the present market functionality and recognition to continue being a top player in the cross-border payment space – it would just need more creativity and wide adoption on behalf of user base and developers.