Even though the use case for Ripple and XRP couldn’t be any more obvious, some people still doubt the project. Ripple and XRP will succeed regardless of what most cryptocurrency users believe. It is not a cryptocurrency-oriented project by means. Banks will use the technology and digital asset, and they will stay away from Bitcoin a long as they can. That doesn’t make XRP more appealing to speculators, though.
One thing has become apparent these past few weeks: a lot of cryptocurrency users hate Ripple and XRP. They mostly do so for the wrong reasons as well. Ripple and its native digital asset have never positioned themselves as a cryptocurrency. It is not an asset that is designed to be used by consumers. Ripple is to be used by banks as a solution to pave the way for cheaper cross-border transfers.
Ripple and XRP Are Not Going Away
From a regulatory point of view, Ripple makes a lot of sense. Bitcoin, unfortunately, does not. The same goes for Ethereum, even though it will thrive in its own way. So will Bitcoin, but it will continue to face a ton of opposition all over the world. However, Ripple and XRP will have an easier time getting partnerships and approval from banks. Whether or not XRP can overtake Bitcoin in market cap, remains to be seen.
It is important to note these are the early days of distributed ledger technology. Having banks adopt a solution that is not Bitcoin is not a bad thing. Ripple is perfectly tailored to the financial sector. That does not make it “evil” or “bad” by any means. Cryptocurrency diehards want nothing to do with banks, which is understandable. However, these are the same people who use a bank account to convert Bitcoin and Ethereum to fiat and vice versa. These transfers may one day be sped up and offered at lower costs thanks to Ripple.
From a speculative point of view, XRP is less than appealing. Daytrading this digital asset will not get anyone anywhere anytime soon. Ripple, Bitcoin, and Ethereum do not take away the spotlight from one another. In fact, they complement each other in areas where it is needed. There is no reason to think these top three assets and currencies can’t succeed together. The blind hate toward something people refuse to understand prevents the entire blockchain-based ecosystem from growing.
Header image courtesy of Shutterstock
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
