Ripple has been making a lot of progress in Asia. This is because the Asian space is receptive to the company’s technology. During a conference that took place recently, one of the executives at Ripple, Dan Morgan said that Asia has displayed a lot of interest in its technology and it has the highest demand of XRP. This is good news for the token. If this interest expands to other continents, XRP will be one step closer to achieving global adoption.
XRP (XRP) Price Today – XRP / USD
This year, XRP has fallen significantly against the USD. After reaching its peak in January, it started to lose value significantly against the USD along with the entire cryptocurrency market. However, it is important to note that XRP wasn’t the only cryptocurrency that fell against the USD. Also, the fact that the coin fell in price doesn’t mean it didn’t make any progress throughout the year.
For starters, Ripple was able to enter into great partnerships with many banks and financial systems from different parts of the world. This brought the company closer to its ultimate goal. According to Dan Morgan, the company is still making inroads in the banking ecosystem and the XRP token is benefiting from this partnerships.
XRP Adoption In Asia Is Higher Than Its Adoption In Any Other State
In line with what Brad Garlinghouse said some time ago, Morgan said that Ripple’s presence in Asia is higher than it is in any other continent. In his words:
“The adoption is still at its early stages but we have observed that Asia has the biggest appetite for Ripple and XRP. Remittance demand, whether for under-served corridors that believe correspondent banking is too expensive or something else, we believe that the demand for XRP and Ripple’s technology is high in Asia. Also, regarding liquidity for digital assets, Asian markets also have the highest level.
While Morgan said that Asia is doing well, he didn’t say everything is bright and rosy. According to him, there is still the issue of regulatory unclarity. There is still a lot of regulatory clarity to be done with regards blockchain technology and cryptocurrencies within Asia. Some places within Asia are more advanced in this regard than others according to Morgan. He said that places like Thailand and Japan are doing better than South Korea in terms of regulatory certainty. He continued:
“You are totally right, Asia has the biggest appetite for our technology. However, I would not pin down specific markets in Thailand yet. I believe the Siam Commercial Bank is currently active now regarding digital asset activity and settlements.
Ripple Makes Progress
No doubt, Ripple’s technology is one of the best in the industry. It’s offerings like the xRapid and xCurrent are doing well. Every month, more banks join the fold of those using the technology. Big banks like the Saudi Arabian National Commercial Bank and Banco Santander among others are using the xRapid technology. The Q3 report by Ripple shows that its XRP sales doubled this year when compared to 2018.
While the price hasn’t been at its best, XRP has certainly made progress this year. At the time of writing, it was trading at $0.348247. This means that it is down by 3.40% against the USD and up by 024% against Bitcoin. The trading volume over a 24 hour period is $392,005,171 and the market capitalization is $14,043,880,176.