Ripple and XRP –
Upon being questioned on Twitter about the actual utility of XRP, Brad Garlinghouse the CEO of Ripple replied:
“Over the last few months, I’ve spoken with ACTUAL banks and payment providers. They are indeed planning to use xRapid (our XRP liquidity product) in a serious way.”
For the time of the event, being so direct to response to criticism by Garlinghouse seemed like a hastened move, but with the two new partnerships being declared out using the xRapid system, the move in fact looks more clearing out in favor of the CEO.
One of the main points of contention when it came to assessing Ripple as a company and XRP as a cryptocurrency was the linkage between the software and platforms that Ripple is developing and the level at which XRP was a required part of these systems. A space of could-give birth to mistrust which was growing rapidly among some elements of the cryptocurrency community centered around the idea that XRP was a way for Ripple to fund the company but not actually key to these payment systems. An idea that was often fueled by wariness of centralization and a conspiratorial edge that is often seen among early backers of bitcoin and other cryptocurrencies.
During last year, there were many moments when there was a feeling of weight coming from that side of the table as it was not specified or announced to what degree XRP was used by partners as they tried out the platform.
However, this year was different and much more dynamic for the team and company behind Ripple. This time around, the firm has signed down various partnerships and the usage of XRP being explicit.
Around the beginning this month, Moneygram [one of the global leaders in money transfer and remittance] confirmed the trial partnership. Another one just now is with MercuryFX and IDT Corporation. Despite the fact that these events came just after the value of XRP catapulted but was followed up with spiky fall, it does indeed add more to Ripple’s story and its potential.
If this flow continues the firm is able to add more partners to its list, then the dynamic that has currently existed in attempting to judge XRP’s value will completely change. Ripple since its debut had a unique marketing strategy creating a leading path in the crypto-ecosystem. It has focused on financial institutions as potential partners rather than opponents to be toppled, not shied away from ditching mining as part of XRP’s design and focused crystal clear goal and using case rather than trying to market themselves as a totally transformative technology. It looks like this strategy may be paying off.
