Ripple has a unique operation among most of the cryptocurrencies. The ripple asset is pioneered by financial institutions other than Darknet marketplaces. In respect to this, the team behind it has innovated xRapid, a program designed to provide liquidity to financial institutions.
Aside from its normal purpose, this will go a long way to add up to the price mechanism needed to shoot its market cap pass Bitcoin. Ripple recently partnered with America express and other renowned institutions which led to the surge of its price.
Ripple at the Forefront of Blockchain Technology
Alex Homes, CEO of MoneyGram said to reporters that ripple is at the forefront of Blockchain technology and they look forward that this innovation will go a long way to effectively satisfy the need of the Moneygram customers. “Every day blockchain technology is changing the norm and encouraging innovation. Ripple is at the forefront of blockchain technology and we look forward to piloting xRapid. We’re hopeful it will increase efficiency and improve services to MoneyGram’s customers.”
Ripple has been the choice of the financial institutions due to its centralized feature and its ability to bridge the gap of high remittance rate.
MoneyGram found ripple fit for their business partnership due to the features it possesses. Ripple transaction fee is very low and Its speed is amazing with about 2-3 seconds compared with the so-called popular ones.
The team announced that: “XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour?” This is a sample of the many companies that will come forth to partner ripple considering what it can offer.
Brad Garlinghouse, the CEO of ripple has stressed on the fact that this partnership with MoneyGram will demonstrate the fact that ripple enhances smooth low-cost transaction faster than what anyone can imagine.
Lower cost transaction has given the western union an edge over MoneyGram with the introduction of transferwise. This has forced ripple is to provide the chase.
Ripple has been able to break through the system of over 100 banks across the world. Its success is dependent on a different factor explaining why its price normally goes in a different direction when the rest heads to the same angle.
Ripple in Partnership with Financial Institutions
Among its numerous partners, Ripple in November was announced by Michael Arrington, the creation of a $100 million hedge fund denominated in XRP. Money sent over the Ripple network is converted to xrp before being converted back to the currency the sender intends to be. This has been the choice of overseas senders and its current feat is expected to multiply.
Ripple recently rose in price from cent to single digit dollar becoming the second largest cryptocurrency in the world. However, it lost its place as its market cap fell significantly.
Ripple found a place in the heart of over 75 companies in Asia after the launch of the SBI Ripple Asia venture.
It was recently reported that one of the largest cryptocurrency exchange websites, Coinbase, has sidelined it to be included in their platform. This will be an accelerated variable to push it to the moon. It has also been reported that ripple will be bigger than all the cryptocurrencies when it hits $7.
One other speculation is that it will not be inflated as bitcoin did as its main reason for creation is not for investment but for easier transactions in the banks.
Ripple tokens are not mined just as Bitcoin and some of the other cryptocurrencies, however, all of its 100 billion xrp are on the platform already. To avoid flooding in the market, they only release 1 billion into the market monthly. This is a reason why most investors do not want to have anything to do with it as it is totally controlled by the team. Unlike Bitcoin, its available supply can be controlled to achieve their purpose.
The ripple team has earlier announced their expectancy of many companies joining the boat to make it a successful one. Many others are believed to be waiting for the success of its partnership with MoneyGram before coming on board.