One of the things that vex me is the low value of XRP these days. They have dropped quite significantly since May of this year and looks like they are still in the dumps. Yes I do hold XRP but come on, the RippleNet tech has lots of worldwide adoption and is set to increase. Just recently there was an article about more adoption by Japanese banks. You can read the article here. But even with such news, the price of XRP still barely inch any higher. In most cases, cryptocurrencies tend to move up with positive news. Just a few days ago, there were some predictions that the price of XRP will go again up to another all time high. However if market manipulation comes into play….
For those who are not sure about what Ripple is aiming for, let me give you a brief rundown on what this project is all about. They are aiming to replace SWIFT for International bank transfers. In most cases when you are transferring money to an overseas bank in another country, you will most likely have seen this SWIFT code information to key in. Without this SWIFT code, you will probably not be able to remit money across to overseas banks. And it takes like a few days to get the transfer across, plus it can be rather expensive. There are charges on both sides for the transfer. So what Ripple and RippleNet is trying to do is to use their blockchain technology to replace SWIFT. This could potentially mean lower fees and faster transfer. Just imagine able to send money overseas to your family or your vendor via the bank in like an instance. They are a bit different from other crypto projects as their main customers would be financial institutions (like banks) instead of individuals.
So yes I am a big fan of Ripple. They are unique and I think great things will come out of the project. Looking at their adoption, I would say they will most likely become mainstream in like 3-4 years time. It is kind of sad that the US SEC is still trying to pursue their lawsuit against the company. Something about Ripple selling XRP and something about XRP being some sort of “securities” which require some form of regulation. Which is kind of ironic as I don’t see the US SEC pursing other cryptocurrencies for the same thing. So many crypto projects are selling their own tokens and we not a pip from the SEC. I guess when the (former) SEC chairman and those in power have conflicting interests, you will almost certainly face this kind of issues. And there is absolutely no clarity from the SEC. Which cryptocurrencies are considered to be “securities” and which are not? I have no idea. Pretty sure not even the SEC knows the actual definition.
Anyway enough of my rabbling. Here is to hoping to see Ripple getting better news the next few weeks and months. Can’t wait to have the lawsuit by SEC settled and Ripple taking crypto projects to new heights. If we have successful and functional crypto project out there, surely all crypto projects will benefit as it gives legitimacy. No longer will cryptos be thought of as “magic internet money”. They now have function and banks and financial institutions are using it!
