Ripple creates its protocols for financial institutions that want a faster and more efficient way to send money at a lower cost than they use currently. While XRP holders buy and sell XRP to make a profit, trading isn’t the primary purpose of XRP as we’ve stated in our previous XRP news. Ripple intends to use its blockchain-based protocol, xRapid to reinvent the traditional financial system and XRP is the fuel for this system. Since achieving their final goal has a lot to do with getting banks to use the protocol, the CEO of Ripple, Brad Garlinghouse, spends a lot of time convincing banks of the importance of switching. During a recent speech, he talked about the importance of cryptocurrencies to banks. If these banks finally see the importance of blockchain technology and decided to use switch sides, what will happen to the price of XRP or the XRP price prediction?
XRP Price Prediction 2019 – XRP News Today – Ripple News Today – Brad Garlinghouse Talks About Cryptocurrency And Banks
The core principles of blockchain technology are anonymity and decentralization. This is why in the early stages of Bitcoins development, it was often associated with black market dealers who wanted to make illegal transactions that cannot be tracked or controled by financial institutions. However, as time passed, people began to see that cryptocurrencies aren’t just useful to criminals but to everyone in the society including these financial institutions. During a recent interview with Kara Swisher at Recode Decode, Brad Garlinghouse noted that this change means that the cryptocurrency space is moving forward. In his words;
“That’s actually forward progress. You went from illicit activity to speculation, and today you’re going from speculation to utility.”
So far, Garlinghouse has been able to convince reputable financial institutions to use the Ripple protocol including Deutsche Bank and Citibank. These banks have started using XRP because they have seen that cryptocurrencies have an important role to play in the future. With Ripple’s protocol, these institutions will be able to offer services to billions of unbanked people across the globe.
To Garlinghouse, anonymity should not be a requirement for the use of cryptocurrencies or blockchain technology. After all, if legacy institutions are to adopt it, they need to put some KYC and AML systems in place. He continued;
“We want to change the system by working with the system. These are profound technologies that can really benefit society in lots of ways. We can reduce the friction of global commerce, we can allow people globally more access to the economies around the world to compete. I think that’s actually a really good thing.”
Ripple News Today – XRP Price Prediction 2019 – Current Price Of XRP – XRP News Today – What Does Massive Adoption From Institutions Mean For XRP
At the time of writing, the price of XRP was $0.390351. This means that it is down by 3.22% against the USD and down by 1.45% against the price of Bitcoin. The trading volume over a 24 hour period is $2,388,910,005 and the market capitalization is $16,446,772,062.
XRP (XRP) Price Today – XRP / USD
If more banks want to use cryptocurrencies and blockchain technology, the first protocol they will consider is Ripple’s xRapid. When this happens, massive adoption will follow. As the adoption grows, the price will grow as well. Eventually, XRP, which is used as liquidity for the xRapid protocol, will become the most important cryptocurrency in the world.
What do you think about the XRP price prediction in our XRP news today? Will XRP eventually become the most valuable crypto asset in the world? Share your thoughts in the comment section below.