Last week, smarttest.wpmudev.host reported that a Ripple payment startup, SendFriend received $17 million in a funding round backed by Barclays, MasterCard, MIT and Ripple among others. This payment platform is powered by XRP. XRP, like every other cryptocurrency in the market, has suffered serious bearish pressure over that 14 months. After reaching an all-time high of about $3.00 last year, XRP followed Bitcoins lead and started falling against the USD. The coin fell as low as $0.20 during the November bear season.
Ripple And XRP Make Progress Amid Bearish Pressure
The mainstream media coverage of cryptocurrencies has been mostly negative over the last few months. Many well-known individuals in the traditional financial institution have bashed cryptocurrencies. However, even with this negative press, Ripple, the company behind the XRP token, has made a lot of progress. Apart from how well it has done in the promotion of the xRapid, and xCurrent protocols, it has made a lot of progress with the XRP token.
XRP (XRP) Price Today – XRP / USD
The fact that the XRP based payment company got funding from major players in the mainstream financial market shows that these brands recognize the potential of XRP that many critics are yet to see. Across the globe, banks and payment processors have underestimated the prospects of cryptocurrencies like XRP. So, it was a little surprising to see these big brands investing in a cryptocurrency based system.
Financial Institutions Are Pursuing Self Interest
Barclays and MasterCard are two powerful and popular financial institutions that are globally recognized. These organizations have board members who live and interact with others in the real world. As is expected, every business pursues self-interests. So, by investing in companies that have great potential, they are protecting their self-interests. These companies now see that cryptocurrencies and blockchain technology are the future and they don’t want to be left out of the upcoming technological revolution.
XRP may not be there yet but it has the potential to seal its spot in the upcoming revolution. Currently, XRP has a daily volume of $500 million give or take $100 million. However, the dominant players in the remittance market, SWIFT and PayPal, process $5 trillion and $315 million transactions daily respectively. What this means is that XRP has a lot of potentials to grow in the market. Why would any institutional investor overlook that?
It’s true that the media plays a significant role in the promotion of technology. Negative press can cool off the interest of investors. However, the fact that the negative press around Ripple, XRP and the cryptocurrency market as a whole hasn’t discouraged institutional investors shows that there are hard facts to support their interests in the market. Cryptocurrencies don’t need to take over the entire market to make a difference. They just need a small but significant percentage of SWIFT’s market share.
Many other brands that openly condemn cryptocurrencies do it either because they do not understand the emerging tech or because they are trying to protect their self-interest but are doing it in the wrong way. The fact remains that the future of XRP and the cryptocurrency market as a whole is bright. Rather than fight the inevitable, it’s better to join the revolution and look for ways to integrate it into your business or life.
A survey conducted by Kaspersky revealed that one out of every ten people is using one type of cryptocurrency at an average. It’s only a matter of time until XRP becomes a leading facilitator of global remittance. This is why many big brands are trying to secure their positions by investing in technology.
Do you think XRP is going to stand out in the future of global remittance or is the technology simply overhyped? Share your comments.