XRP is one of the most controversial cryptocurrencies on the market. Crypto Briefing reported the problems currently affecting Ripple tokens and (completely separate) as the SEC continues to contemplate the "security problem".
These problems could also be the cause of Stellar's recent rise in the crypto market. Many investors are avoiding the XRP tokens: but flying in the face of conventional wisdom, Wirex has announced a new partnership with Ripple and Wirex XRP wallets are now available.
The cryptographic debit card company offers a card that can be financed using cryptocurrencies in the current market. Wirex's partnership with Ripple is the first time that a digital money platform has introduced the compatibility of XRP to this extent – and investors are really taking advantage of the opportunity to buy. Wirex announced that two million dollars of deposits in XRP were made in just 12 hours.
What prompted investors to plunge into Wirex's XRP wallets so quickly
The inference is that the Ripple community that remains loyal to the XRP was thrilled by the opportunity to use those tokens for the expenses of the real world. The ability to use Mastercard and Visa to make purchases online and in the store using XRP tokens is a new concept for the XRP resource and tokens are not meant to be used as a traditional cryptocurrency like Bitcoin and others.
In addition to these benefits, Wirex users can fund their cards, buy and exchange XRP tokens with at least 50 other supported altcoins. Exchanges can also be made between various legal currencies worldwide. These transactions are free, which is normal for other currencies supported by the platform.
There are many reasons why investors have deposited $ 2 million into Wirex XRP wallets so quickly, but the question is whether that success will last. (And will Ripple notice that Wirex uses "Ripple (XRP)" on their website, in direct contravention of the Ripple brand guidelines?)
Did Wirex make a huge mistake by supporting XRP?
Some people will argue that Wirex's brave move to create an XRP portfolio is one with short-term gain and long-term consequences. It is not clear whether there is genuine interest in partnership outside the Ripple community.
A debit card for cryptocurrency is a very interesting concept, but its success will ultimately depend on the problems surrounding Ripple in their favor. Otherwise, the new partnership could damage Long-term Wirex despite its short-term success.
The author is not invested in any cryptocurrency mentioned in this article.