Why is XRP looking so strong?
Ripple (XRP) has overtaken Ethereum for 2nd place in market cap and after looking strong for the last two months it has been the least affected by the current crypto storm.
If you step back and take a look at the big picture, the trend becomes more visible. Whenever Bitcoin shows a dip in value, Ripple holds its own while Ethereum follows the downward trajectory. Toshi Times
At the time of writing this BTC has just lost another 3% and instead of remaining stable, XRP actually increased by 3% and I am no expert but I find myself wondering if we are seeing some kind of switch in allegiance here?
Is Ripple owned by the banks?
On the surface it appears not. But if anyone knows different I would love to hear about it.
Ripple is connected to the banking system by nature of what it is designed to do and in stark contrast to Bitcoin and most alts, it is centralised, owned by Ripple Labs who hold the majority of their tokens, ultimately making them vulnerable to manipulation.
The software they sell to banks makes Ripple enough money to cover expenses, including the salaries of their 200 employees, made up of the best programmers and engineers in the world, along with ex-bankers & poached Swift employees.
XRP is not required to use their software, but the banks who choose to use XRP will save an additional 30% on fees.
They recently announced partnership with a total of 120 banks and the company’s xRapid product is now ready for commercial application.
xRapid is designed to give banks a quick and easy way to transfer sums across borders, leading to faster international transactions for their customers, potentially with reduced fees, in theory. The process would see local currencies converted into XRP before being transferred overseas and then converted into that local currency at the other end. Digital Trends
All of this puts Ripple in a very strong position to dominate the banking market, which as we all know is a market currently dominating the world.
Other recent news
Ripple’s CEO claims that its technology will completely replace Swift.
“SWIFT said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree. What we’re doing and executing on a day-by-day basis is taking over SWIFT.” Crypto Disrupt
To be clear, Swift is the messaging protocol used between financial institutions. It is essentially the transaction messaging protocol for the entire fiat financial system.
Further to this Ripple is becoming more and more widely accepted as a form of payment. Recently, Omni (the online & physical storage company) showed their support by accepting XRP and as this type of support becomes more commonplace, there will naturally be a snowball effect.
Is Ripple a good investment?
Based on the above, absolutely!
However, be conscious of the reality that unlike Bitcoin and almost all the other altcoins, Ripple is centralised and should the CEO (who was said to be worth more than the creators of Google in January) suddenly decide to sell off his tokens I think you can guess what will happen to the price.
Thanks to @silvergoldcrypto on whaleshares for the chart.
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Thank you for the article and the Facebook group sounds great. I am very interested in learning all I can about this space, so I appreciate you gathering information in one place. I will support your page through upvotes, resteems and articles.
Thank you and I wish you and your family safe travels, good health and high spirits. Your journey sounds like a terrific experience for your family.
I would love such an adventure especially with the ability to stay connected and work some from the road.
@shortsegments
So worries. Sorry to say that my FB group isn't as active as it once was due to the lower value of steem these days. It will return to activity when the price goes back up.
Your rep is 60 so you must be doing something right already ;)
Thank you for your offer of support. We all need every bit of help we can get these days.
Your welcome. I look forward to reading your blog.
I think a saw a piece of news about some bank working with XRP tech for payment transfer recently.
The mainstream media don't seem to mind talking about XRP as a good investment, while they are very quick to report on all the others still 'crashing'.
This is partly why I feel as if there is a shift in allegiance going on. If lots of banks are now hodling XRP it makes sense they would want the value to go up. And we all know how the banks own the media right?
Dat deep state coin
Are u aware of David Schwartz’s 88 patent? Very interesting part of the ripple story
Am not aware of this. Thanks for the heads up! Checking now....
Thanks for sharing about ripple which I didn't know very much about it. I mean I heard of it and thought of investing in it, so I really appreciate you sharing all this information.
Once the banks get involved in something you can be sure they will do their best to get people to invest in it. Am pleased you found this helpful ;)
Thanks for this. It is thanks to people like you that I'm starting to understand a little bit more about this stuff. Well as much as I can given how Mercurial it all seems.
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When I first arrived on Steemit I spent 90% of my time reading so that I might understand this vast crypto arena. These days I spend 90% of my time writing, but in truth there is still soooooooooo much to learn. My brain just feels full ;)
XRP is in second position for a reason.
His use case differ a lot from Btc and ether.
We will see eventually
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