Out of the cryptocurrencies that made it to stand out, Ripple [XRP] had one of the best performing 2017. The on-point real time gross settlement system and transaction structure being one of the three largest virtual currencies by market cap has just spread its branches even deeper globally with an office opened in Singapore.
Together with its location in India, the so called “Ripple Transaction Protocol” has stepped up its competition with the two-next biggest cryptocurrencies – Bitcoin and Ethereum.
As Navin Gupta, the leader of Ripple operations in the country, states:
“India is the largest recipient of corporate and retail remittances worldwide, totaling close to $71bn…Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payments services into the fold.”
What is Ripple target and what makes Ripple so unique?
In case you have sent money overseas, around the globe and so on you were delivered a SWIFT code which is a entity with a monopoly on border transfers – in 200 countries, with more than 11.000 financial institutions forming its branches.
However, Ripple while working together with financial services, banks and institutions wants to take down SWIFT and disrupt is functionality. Major benefit is planned to be implanted for the users for cheaper and faster transaction – showcased around 4 seconds.
“Ripple provides one frictionless experience to send money globally using the power of blockchain. With RippleNet, financial institutions can process their customers’ payments anywhere in the world, instantly, reliably and cost effectively using just one API. ” – Ripple CTO Stefan Thomas
When it comes to the number of transaction completed in the same time, the system can handle 1,500 transactions per second in the region.
When Bitcoin cash took stage, Ripple lost the third place due to BCH popularity after it sprung from Bitcoins network. After that the China Crackdown on the market with its ban and regulations, did tank the XRP price against the USD majorly with the same effect for the other top 10 cryptocurrencies too. However, now on its stable recovery road it has retaken the 3rd place by market cap with $7.8 bln and is near the major $0.2000 mark.
The ‘base expansion’ and negotiation is what runs the engine for Ripple as its an enterprise in the game, which market development strategy cannot be imitated by other coins just because not many are structured as a company having control where the tokens are lead.
The decision to put down $55 bn XRP in escrow by the end of 2017 will ease investor unease regarding unpredictability and shall assist in its share growth while showing Ripple’s determination to make the blockchain more secure and decentralized.
Even that the mainstream factor has hit Bitcoin majorly and it is very difficult to say that Ripple could overtake, a bright future and a competition non-the less will be present to be seen.