According to reports, Ripple’s native cryptocurrency, XRP has seen its global acceptance reach 40 million in multiple locations across 180 different countries. This is a sign that the digital asset has gradually become the go-to-payments option for crypto transactions. The coin now has a stronger global presence despite its dwindling performances in the market.
Via a tweet on July 5, Eric Dadoun, a startup investor revealed that Ripple’s XRP token is working to ensure that its users conduct transactions (send and receive payments) in their currency. According to the investor, this has always been the primary goal of Ripple, the company. He further remarked that XRP isn’t facing a retail-driven speculation. Pointing out that retail doesn’t really matter, rather retail is going to benefit from XRP.
XRP News Today: Dadoun Says XRP Has and Will Always be Essential in the Finance Sector
While speaking on one tweet that talked about the possibility of payments been sent and received in user currency in only four seconds, Dadoun noted that using XRP as an underlying technology has always been key and always will remain key.
According to Dadoun, the XRP cryptocurrency is supposed to be the liquid that “ensures that the plumbing remains efficient for the implementation of a new financial system.” Hence, the digital asset isn’t facing retail issues and retail doesn’t matter. Rather it will stand to benefit from XRP protocol.
The crypto enthusiast also went on to reveal what he meant in the last statement. Citing that, retail-driven speculation is different from retail driven usage. Speculation is meant to keep people entertained while a retail-driven usage will help build the XRP ecosystem.
Xpring Invested $500 Million in 20 XRP-Based Startups
On the other hand, a lot of positive news has surrounded Ripple, the blockchain company backing XRP, the third crypto asset by market cap. For instance, Xpring, the Ripple incubator, and investment arm revealed in a blog post on July 2, 2019, that it had invested $500 million in over 20 startups that are using the XRP protocol to grow the Ripple community.
In a similar fashion, on June 17, Ripple announced that it had signed a strategic partnership with a global payment processor, MoneyGram. The collaboration is designed to allow Ripple to invest about $50 million in MoneyGram for equity through a two-year period.
Federal Bank of India Partnered With Ripple to Improve the Security of Cross Border Transactions
It’s also essential to indicate that in March of this year, the Federal Bank of India said that it has entered a collaborative process with Ripple to enable financial institutions to conduct cross border payments securely. That is providing more security when it comes to cross border transactions. The Blockchain network which is going to be used for this has also gotten adopted by a reasonable number of world central banks.
The crypto community, on the other hand, are hopeful that the developments within the ecosystem will help to push the price of XRP over its all-time high point of $3.15.
Off course many crypto analysts and enthusiasts alike, have predicted that the price of XRP may rise to as high as $7. The virtual asset will take charge at some point in the near future.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.