Ripple And XRP Will Reinvent The Remittance Sector By Changing How Money Is Moved From One Place To Another According To Banking Giant

Ripple News Today – Ripple has always made its goal clear; to revolutionize the remittance sector making it more efficient than its currently is by leveraging blockchain technology. XRP, xRapid, xCurrent and every other protocol developed by Ripple has been developed to fulfill this goal. Ripple has gotten a lot of popularity so far with the World Bank and IMF praising it for its innovative technology and acknowledging the power of Ripple to change the remittance sector for good. The success of Ripple’s technology depends a lot on the attitude of banks towards adopting it. The more banks use Ripple’s protocol, the more popular it would become and the closer it would be to reaching global adoption. So far, a number of banks are already using Ripple’s technology and one of the banks that is heavily invested in Ripple is SBI Holdings.

XRP News Today – XRP Prediction 2019 – Ripple News Today – SBI Holdings Believes In The Future Of Ripple

SBI Holdings has been investing in Ripple since it became convinced that Ripple’s technology is the future. Recently, the CEO of SBI, Yoshitaka Kitao reassured the public of his conviction in Ripple. He said that XRP, Ripple’s digital currency, is going to speed up cross-border remittance and reduce cost significantly. In his words`

“I became a director of Ripple, which is managing XRP. We will develop the remittance business all over the world thoroughly. In addition to DLT’s distributed ledger technology, XRP will allow money to be exchanged around the world faster and at a lower cost.”

This isn’t the first positive comment that Kitao is making about Ripple and its XRP technology. He has made similar comments in the past. It’s true that his opinion is biased because his company is invested in Ripple but this doesn’t mean that he is wrong. XRP does have transformative powers and it can change the international remittance sector for good. The only challenge XRP is going to face is the increase in competing coins like the JPMorgan Coin, Stellar Lumens XLM and the Facebook GlobalCoin, FaceCoin.

XRP News Today – Ripple News Today – Ripple Faces Pressure From Competitors

Rather than buy Ripple’s technology and use the XRP token, many financial institutions have now decided that they would be better off creating their own internal settlement layer rather than use Ripple. Then there is the challenge from FaceCoin, Facebook GlobalCoin. People like Charlie Shrem and Max Keiser have suggested that this Facebook cryptocurrency is going to Annihilate Ripple and XRP. 

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.289
-1.78%

The CTO of Ripple David Schwartz quickly took to Twitter to respond to these allegations. According to him, people who believe that XRP will end because of the Facebook cryptocurrency do not understand how XRP works. They are also ignoring the fact that XRP has several advantages over Bitcoin. In his words;

“I love opinions about XRP that don’t show any evidence of having any understanding of XRP. This is just bitcoin minimalist thinking that there’s bitcoin and everything else.”

Right now, only time will tell. There is no way to determine what effect the Facebook GlobalCoin is going to have over Ripple and other cryptocurrencies in the space. Even if it may not pose a real threat, investors can start a panic sell-off because of it.

What do you think about the XRP news today? From our Ripple news is XRP going to reinvent the world? Share your thoughts in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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