The Ripple XRP has always been a unique coin due to its unique position of having finite number of coins from the start and being a part of a unique payment system rather than conventional cryptocurrency. Therefore its developments have always been rather unique as well and not subject to miners who otherwise have a big say in happenings in other coins. This time, the news regarding the Ripple XRP center around its price (obviously), the parent company’s lawsuit against R3 and declaration of SWIFT as a target no.1 to overcome in the near future. Other positive news includes a new milestone for the Ripple XRP as the symbolic 100th Sign Up on the RippleNet was achieved.
Now continuing on with the latest price trend of the cryptocurrency, Ripple XRP gained 10% in recent days reaching almost $0.27 in the process but lost the value subsequently and ended flat at $0.25 once again..
Now most of the other cryptocurrencies were experiencing a sliding trend while XRP was gaining and that is not something new. The Ripple XRP has shown a tendency of being independent from other currencies when it comes to price trends rather than being engaged in a pack of dominoes like the rest. The trading volume has also increased rather than being decreased in recent weeks like with other cryptocurrencies.
The overall market cap of XRP is still close to $10 billion and quite impressive for a currency that is still to enter China so to say. Bitcoin and Ethereum are both openly traded in China even when the government is cracking down on its exchanges while Ripple only wants to enter China in an e-commerce role and not just for the sole purpose of trading alone.
So, all in all a fairly neutral week for the cryptocurrency in the market and that is extremely good considering it is more of a payment system rather than a currency. Smaller fluctuations would mean that we will finally have a cryptocurrency that can be used for online buying and selling in an effective manner.
In other news, the Ripple network has sued R3 which has in turn sued Ripple itself due to the issues with their venture funding partnership contract. Under the original contract, R3 would have had the option to buy a whopping 5 billion Ripple XRP tokens for the original base price of $0.0085 if it delivered on its commitments. Wow. Now that is indeed a game changer for the price of the coin as only 100 billion Ripple XRP were ever created and since now the price is hovering around $0.24, the whole package is now worth $1.2 billion and increasing.
But, Ripple has countersued R3 to claim that the latter didn’t fulfill its obligations under the contract law and won’t be therefore allowed to purchase XRP at that price and instead would be forced to pay Ripple punitive damages and legal fees for the case instead.
If you are an investor of XRP you would need to keep close tabs on the case as if R3 is successful in making a strong case, they could get their hands on a XRP tokens and that can bring the price down for a while at least as 5 billion new coins aren’t what the doctor ordered for Ripple. It is certainly a unique case but the price slump is guaranteed if the R3 have their way.
In other news Ripple has also declared SWIFT as a primary target for the future. It is natural for Rippe to do so as the cryptocurrency envisages itself more as a payment solution that can bridge the fiat currencies and the world of blockchain and cryptocurrency together. The Ripple transaction ledger is fast and has all the features of taking on an established channel like the SWIFT which works in more than 200 countries. So, great things lie in the future of Ripple XRP that are perhaps out of the reach of other cryptocurrencies right now.
Now as mentioned again and again, Ripple doesn’t want to be a currency on its own specifically, but rather styles itself as an intermediary currency that would help conventional financial institutions around the world. It is part of the reason why bitcoin is ridiculed by economists and bankers while Ripple is often complimented.
Part of Ripple’s progress is to bring as many financial organizations to sign up for its network. Recently, it has celebrated 100 sign ups on its blockchain network called RippleNet. Although the figure seems small, it actually represents the heavyweight financial organizations around the world that are ready to partner with Ripple to move away from the current debt-based system implemented around the world.
Notable brands including ones that control international transfer of money are included in this impressive clientele list of Ripple. Recent incomers include United Arab Emirates -based lender RAKBANK and U.K currency exchange firm IFX. Mexico-based non-bank based financial services provider will be the first organization that is going to trial Ripple cryptocurrency. If it becomes successful, it will be safe to say that it Ripple is very close to going mainstream in e-commerce and other sectors.
So, keep up with the news people!