Ripple has been doing the rounds in news recently. It has been recognized as an essential cryptocurrency owing to its technology and astounding features. The growth of XRP has been so remarkable that 2018 could definitely be the year for it to make the best crypto performance – one that has never been seen before.
Ripple has managed to indulge itself in some of the most successful partnerships of the industry. It is the only blockchain-based platform that has been adopted by bank entities across the globe for faster and more efficient financial transactions.
Understandably, investors are trying to analyze what this coin will do in this coming year. Its growth creates expectations of a positive increase. Here are some reasons indicating XRP to be the most notable cryptocurrency conquering the market cap this year:
Adding efficiency to the financial industry
The financial industry faces two major challenges: speed of transactions and the fees charged per transaction. Ripple is different from all other cryptocurrencies because it solves these two challenges and makes financial transactions more efficient.
Ripple is one of the most innovative systems completing financial transactions across the globe in just 3.3 seconds. The fee charged is extremely nominal – USD 0.0004.
Ripple is listed in various exchanges of the industry with the recent addition being UK-based banking application Revolut. LMAX Exchange, based in the UK also listed XRP recently. With more listings, more institutional investors are attracted towards the coin. This is a crucial aspect and goal for any trading platform.
Ripple developed xRapid, an incredibly advanced solution for the financial industry. The pioneering technology was recently tested for its application. What has been noticed is that the technology significantly reduces the time and cost of transactions. It helps to tackle liquidity issues of the industry.
Ripple together with the xRapid application has been able to reduce transaction costs from 40% to 70%. The involvement of middlemen or bank intermediaries has been eliminated reducing the time it takes to complete a transaction.
Existing and potential partnerships
Ripple is constantly expanding its network of partnerships. The Islamic banking giant, Kuwait Finance House has also recently announced its decision to partner with Ripple and use the platform for financial transactions.
Such a strategic alliance can definitely result in a soaring high leap for Ripple. It will be a huge milestone as it is the first blockchain-based platform to be accepted in the region.
Moreover, Amazon will also be looking at adding Ripple as a payment method on its platform. There are no confirmations yet but if the deal is cracked, the coin will get access to a newer horizon.
Ripple’s capability of solving and streamlining the problems of the financial industry, its listings and partnerships, make it a coin that you must keep your eyes on. The year 2018 could be one-of-a-kind for the cryptocurrency. It has done well so far and as we approach the middle, the coin seems to be all set to make that dent in the market.