Ripple (also widely known as XRP) has been making substantial waves in the digital currency market. It has however not gained as much popularity as Bitcoin. XRP is currently considered the third largest virtual currency which is at present selling for $0.67. What this means is that in the past twenty-four hours XRP has been up by 3.50%.
It is also interesting to note that whereas Bitcoin is perhaps still below the $8,000 mark, XRP has made close to a 5% gain.
This week alone has seen an influx of XRP news. And by the way, the week isn`t over yet. On Monday, the 4th of June, XRP stepped up what may be considered its corporate social responsibility drive; it was reported that Ripple had donated a whopping $50 Million to scores of universities around the world, including MIT.
Ripple announced the reasoning behind such an audacious move. What reasons were cited? These monetary donations, the company noted are intended to help advance further blockchain research, technology and talent for the new University Blockchain Research Initiative using world class universities as the vehicle.
Yet another announcement came through on Monday; it was reported that SBI Holdings Crypto Exchange had gone live. Much to the surprise of some, it was also announced that XRP is the only digital currency being traded on the exchange (SBI Holdings) at present.
As though that was not enough, on Tuesday, the 5th of June, news broke that Brad Garlinghouse had made some comments related to Bitcoins and what lay ahead for XRP. Barely a week ago, the Ripple CEO is reported to have referred to Bitcoin as the “Napster of digital assets.”
What did Garlinghouse say about Bitcoin on this occasion?
He firmly discounted the popular notion that Bitcoin is the “panacea” for solving the world`s multiplicity of problems.
And what exactly did the Ripple CEO have to say about the future of the company he heads – XRP?
Mr. Garlinghouse made comments that some may consider unrealistic and perhaps outrageous; he expressed belief in and optimism about the future of XRP. He posited that a dozen banks will be using XRP in 2019. “Well I’ve publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool this calendar year”, the Ripple CEO said.
Well, people may express doubts about such prospects but what no one can take away from XRP is the fact that it has made and continues to make significant strides particularly in the realm of innovation.
It is possible that perhaps a couple of years down the road, banks may begin to open their doors to virtual currencies such as Bitcoin and XRP. Prospects seem brighter for blockchain-based products such as xCurrency and xRapid.
Ripple insists that XRP has real-life-use cases. This conviction may be may only be confirmed should some banks begin to use XRP in the not too distant future.
Is ripple right in its assertions? Will some banks begin to use XRP as audaciously claimed by Garlinghouse? Well, time will tell.