Ripple (XRP), like the rest of the market, has surged in price, shooting past the $0.4 mark. There are several reasons as to why Ripple’s prospects might particularly good, in addition to the general bull run that the market is experiencing.
Ripple and its technology has been the recipient of much good news since the start of the new year, with partnerships, cross-border payment pilots, RippleNet growth and awareness being some of the standout developments.
1. An Increase in XRP Use Cases
Several independent developers have been working on use cases and applications for the XRP token, including XRPL Labs and Bolt Labs. The former has developed the XRPTipBot, which has been integrated into Gmail, Outlook, Twitter, Reddit, and is being considered for Skype.
Ripple’s incubator Xpring has invested in Bolt Labs, which is developing technology that would offer anonymity on the network.
2. Thailand’s Largest Bank Hints at Using XRP
Thailand’s largest commercial bank, the Siam Commercial Bank (SCB), has confirmed that it will be using blockchain technology in its operations, and has even hinted that XRP may be involved. Saying that that those interested “will have to wait for further announcements”, the likelihood of XRP being used is high, as the bank has already conducted a pilot program that reduced transaction times from 2 days to 1 minute.
We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.
— SCB Thailand (@scb_thailand) May 22, 2019
3. Ripple Becomes Founding Member of INATBA, CEO Speaks to High Level Financial Industry Insiders
Earlier this year, Ripple had become one of the founding members of the International Association of Trusted Blockchain Applications (INATBA). The official mission statement of the entity reads,
To unlock the full transformational potential and harness the benefits of blockchain and DLT for businesses, the public sector and society at large, INATBA aims to develop a framework that promotes public and private sector collaboration, regulatory convergence, legal predictability and ensures the system’s integrity and transparency.
4. Ripple Sees Greater Acceptance and Validation on Coinbase and Binance
Binance, in late 2018, also added XRP as a base pair for trading with other cryptocurrencies, and its use saw an increase with this development. Coinbase has also made it possible for residents of New York to store and trade the XRP token, while German exchange Boerse Stuttgart now lets customers buy Exchange Traded Notes based on XRP and Litecoin (LTC).
The potential for the XRP token to reach new heights is not underscored by these particular developments, but for what they represent – belief that Ripple is an ideal solution for cross-border payments.
Banks all across the world are warming up to Ripple’s technology. Ripple CEO Brad Garlinghouse has been doing his bit in persuading financial industry insiders that Ripple has the potential to become “SWIFT 2.0” and certainly, the doubt around cryptocurrencies usefulness in specific use cases seems to be fading, as established entities like JPMorgan and Facebook begin entering the space.