Ripple’s XRP has gone through the downsides with lawsuits due to the controversial ‘securities’ discussion last year. However, it has sprung right back up and is now the second best cryptocurrency in terms of ranking. Its market capitalization is valued at $12,8 Billion with a steady bullish looking valuation of $0.31.
In addition to increasing market capitalization, the XRP ledger has crossed 1.5 million users according to XRP stats which is a great achievement. It was less than 1.3 million in June 2018, and thus it has seen a growth of over 15%.
Ripple’s feat is gaining appreciation from the banking industry. Navin Gupta, the South Asian Director of Ripple, highlighted Ripple’s expansion in South Asia, the Middle East, and the North African region. He explained that there are major commercial banks from Korea, Japan, and India working with Ripple for cross border payments.
“There is a very significant amount of movement from high street banks to join the network and we believe at different points in their lifecycle they will make this decision.”
Ripple’s primary issue of XRP being a centralized token, with a good deal being controlled by Ripple itself needs to be explained. According to the newly hired Chief Market Strategist Cory Johnson, Ripple’s XRP cannot be sold off at any time as there is a cryptographic lock hence leading to trustability. However, it is still to be proven.
It’s community strength, economic transactions and technical advancements such as xRapid are highly favorable. No wonder it’s gaining exposure and likeability. However, it needs to figure a way of ensuring it can prove the cryptographic lock.
Did you like the news you just read? Please leave a feedback to help us serve you better