Ripple’s XRP may be grinding lower at the time of writing. However, this digital asset has shown great potential to the extent that experts and analysts in the market see it becoming the king of cryptocurrencies by displacing Bitcoin (BTC). The digital asset is issued by the San Francisco-based blockchain company, Ripple. The company has for a while now been referred to as the “banker’s delight.”
Bankers across the globe have grown a liking and a preference for XRP. Ripple’s blockchain system provides an alternative to the traditional money transfer system, SWIFT. The banks are growing weary of SWIFT due to the high cost of international transfers coupled with the long time taken to process and complete transactions. What XRP offers the commercial banks and other payment institutions is the ability to send money across the border almost instantly and at a minimal cost as possible. These two factors save the banks money while the blockchain technology increases the transparency hence increasing customer trust.
Bitcoin has been improved over the year to solve some of the above issues. However, for a large digital asset, it is not easy to carry out upgrades due to the large community. Upgrades in the protocol have always resulted in hard forks that rarely solve the challenges facing BTC. Therefore, the biggest question is, can Ripple’s XRP overtake Bitcoin and take over leadership in the market in terms of market capitalization?
The above question is not a straightforward but we will try to remain as
What makes XRP tick?
Ripple boasts of the fact that its protocol has no forks. The digital asset is governed by a team of professionals within a professionally run company that has been registered and currently based in San Francisco, United States. Forks in the Bitcoin community are a hindrance to growth in terms of protocol upgrade and other related improvements. While most hard forks lead to the creation other assets, Bitcoin tends to get stuck with its challenges thereby limiting adoption. The business community is still struggling to accept BTC as a form of payment 10 years since the first Satoshi paper was published. This is continuously eroding both merchant and customer confidentiality in Bitcoin being a new currency system in the global economy.
What is stopping XRP?
The current 2nd largest digital asset, XRP has not been cleared from being a security token. Regulators have not made up their minds either to categorize the asset as a security or a cryptocurrency. This has for the longest time held XRP back, for example, the largest exchange in the U.S. Coinbase has not listed XRP as a tradable asset. If the asset can get cleared, XRP is likely to continue with its exponential growth to the point that it will surpass Bitcoin’s market capitalization. The introduction of an XRP ETF will be a huge boost as well.
Source:Crypto Recorder .
Ripple’s XRP is a Brilliant Technology, According to American Institute of Economic Research’s Jeffrey Tucker
American economist Jeffrey Tucker, who also works as the editorial director at the American Institute for Economic Research (AIES), called Ripple XRP “brilliant technology” in a recent interview on Russia Today. Tucker shared his opinion that Ripple’s growing popularity had been influenced by sometimes outdated traditional financial systems such as SWIFT.
When asked to explain why the recent partnerships, alliances, and increased capacity of Ripple had no positive effect on XRP, Tucker explained that the digital token XRP is a “specific kind of crypto” and at this moment many regular investors are not interested in the technology. He continued by saying:
That does not mean it’s not going to change the world. I think it’s an extremely important technology
Tucker stated Ripple is doing what traditional financial systems failed to do, provide fast and cheap money transfers.
Our legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche… and XRP has been really valuable in that sense,
Ripple itself continues to promote XRP adoption. Brad Garlinghouse will give his speech during the 55th Global Forum event in Singapore. Global Forum gathers together business leaders, government officials, and academics from different countries who share their views on different business spheres. Apart from Ripple’s CEO, who will be the sole representer of the cryptocurrency industry at the event, list of speakers includes representatives from Central Banks, JPMorgan, Goldman Sachs, MasterCard
Ripple Named One of Best Workplaces in 2020 by Fortune
Blockchain giant Ripple has appeared on the list of the best small and medium-sized workplaces in the San Francisco Bay Area. Ripple CEO Brad Garlinghouse says that he’s “humbled” to be part of the company’s incredibly talented team.
Ripple, the only cryptocurrency-oriented company on the list, was ranked 25th.
“Management is consistently transparent with employees on what goes well, and what doesn’t. There’s a focus on being honest with ourselves which is refreshing and healthy as we continue to grow from startup to young company,” one of Great Place to Work reviews states.
New milestones for Ripple
Back in February 2019, Fortune named Ripple one of the best Bay Area companies to work for. It made the cut along with such giants as Nvidia and Hilton.
Ripple, which strives to
The company now boasts 235 U.S. employees. However, it lost some important team members in 2019, including Evan Schwartz, the mastermind behind the Interledger who had a 6.5-year run with Ripple. MUST READRipple CEO Expects to See More ‘Consolidation’ in 2020. Community Wants Big Acquisitions –
Asana in first place
In order to determine the best workplaces in the Bay Area, Fortune conducted an anonymous survey with more than 33,000 employees, taking into consideration leadership effectiveness, workforce makeup, workplace culture, and other factors.
Mobile application designer Asana took the much-coveted first spot on this year’s Fortune list. There is also personal finance company Nerd Wallet in the top three.
Ripple Says Lawsuit Could Destroy Multi Billion-Dollar XRP Marketplace and Wipe Out Investors
A judge is now considering Ripple’s motion to dismiss a much-publicized lawsuit against the San Francisco startup.
Bradley Sostack is accusing the company of illegally selling XRP as an unregistered security. Ripple claims XRP is not a security and says the claims are unsubstantiated. The company also says any lawsuit on the issue would violate the statute of limitations, and must have been filed within three years of the 2013 initial offering of XRP.
Sostack’s legal team argues that the statute of limitations are invalidated by the fact that Ripple continues to sell the digital asset.
Now, new court documents reveal Ripple also claims that classifying XRP as a security could destroy the third-largest cryptocurrency’s entire marketplace.
Says the company’s legal team in the motion to dismiss the lawsuit,
“Were [Sostack] allowed to belatedly challenge the classification of XRP, it would not only threaten to eliminate XRP’s utility as a currency, but it would upend and
Jake Chervinsky, general counsel at crypto lending platform Compound, says it’s unclear how long the judge will take to consider Ripple’s motion. But he warns it could take a while.
“As is typical, the judge ‘took the matter under submission,’ meaning she will issue a written ruling at some later date. It could be days, weeks, or months.
There is no time limit. The motion can sit on the docket forever. After about six months, it will show up in a report to Congress regarding the status of the federal judiciary, but even then it can keep sitting on the docket.”