There has been a long and persistent debate in the cryptocurrency community about whether XRP, the cryptocurrency commonly associated with Ripple, is really useful or whether it is simply a cash outlet from Ripple. Despite this, detractors are beginning to take note of the widespread use of XRP, causing some of them to change position.
Phillip Nunn, CEO of Wealth Chain Capital, is one of these XRP detractors who is changing his position on Ripple, explaining his new position to his 31,500 followers on Twitter, say:
"I've never been a supporter of #ripple $ xrp, but boy is making serious moves, and the fact that I'm having problems with their offer is put aside for the moment they become so important for flying the #criptta #blockchain flag … They will become Microsoft of #crypto. "
Increase XRP adoption with increasing support
The practicality and usability of XRP have become increasingly clear in the last days with the announcement of xRapid that has been published. This was followed by news that several major companies have already joined the xRapid settlement system, which uses cryptocurrency to facilitate cross-border transactions.
During the Ripple & # 39; s Swell event earlier this week, Brad Garlinghouse, CEO of Ripple, took the stage and announced that xRapid would go live. He added that Mercury FX, Cuallix and Catalyst Corporate Credit Union Union would be the first three customers using xRapid.
Despite not having signed any bank in their xRapid system, Ripple says banks will not be the first xRapid customers. However, he says that they will naturally progress from the use of xCurrent, which is based on blockchain, to xRapid, in the coming years.
Speaking with CNBC of banks using xRapid, Asheesh Birla, senior vice president of Ripple's product, said:
"Banks around the world are not the first to adopt the xRapid product, but we are seeing a lot of financial institutions in general and payment providers that go along with that product.In some markets, I think banks will move faster towards the use of digital resources, and therefore it depends a lot on regulation and on the local market.These countries have a far more forward-looking regulation regarding digital resources, so I imagine they will be the first to adopt banks ".
The XRP price reflects the increase in adoption
XRP investors hope that the adoption of XRP-based products, such as xRapid, will contribute to the volume and liquidity of the digital asset and, in turn, will increase its value.
XRP has seen huge gains in the weeks leading up to the release of xRapid, from a minimum of 30 days to just over $ 0.25, to a monthly high of over $ 0.72 before settling at the current price of $ 0.53. This price increase has put XRP in direct competition with ETH for the number two by market capitalization, with the two scrambled on several occasions for the coveted position behind Bitcoin.
It is likely that the acquisition of new customers on xRapid, in particular banks, will have a direct impact on the price of XRP.
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