Ripple News Update
Bitcoin may have started the blockchain revolution but it is quickly losing relevance to altcoins like Ripple and Ethereum.
The original cryptocurrency is bloated and sluggish. Ripple, on the other hand, is signing new partnership agreements left and right.
Run through the list: Cuallix, American Express Company (NYSE:AXP), Banco Santander, S.A. (NYSE:SAN), Axis Bank Ltd (NSE:AXISBANK), Standard Chartered PLC (LON:STAN), Moneygram International Inc (NASDAQ:MGI), IDT Corporation, MercuryFX, and Lianlian Yintong Electronic Payment Co., Ltd. Everyone is hopping on the Ripple bandwagon. Even central banks are starting to accept Ripple as the future of cross-border payments.
For example, the Saudi Arabian Monetary Authority (SAMA) recently launched a pilot program that would allow its constituent banks to experiment with Ripple. This is would be remarkable if SAMA was the first central bank to experiment with Ripple’s technology—but it wasn’t.
The Bank of England was first. It tested a proof-of-concept with Ripple last year, giving the cryptocurrency a massive amount of cachet in capital markets.
Ripple (XRP) Price Chart
What I’m trying to say is that Ripple is luring financial firms onto its blockchain, making them more decentralized and efficient. Contrast this with Bitcoin’s greatest achievement in the last six months, which was avoiding the SegWit2X hard fork.
Some might argue that Bitcoin futures are a step in the right direction, but that has little to do with Bitcoin’s structural integrity.
Bitcoin isn’t faster, cheaper, or more secure than XRP. So I have to conclude that the only reason Bitcoin futures came ahead of XRP futures or Ethereum futures is because Bitcoin is better known. It has better brand recognition.
But this brand recognition only lasts for a limited time. Eventually, the market is forced to reckon with reality: Ripple is leading the blockchain revolution.
In any case, my point is best summarized by Ripple CEO Brad Garlinghouse, who tweeted this little gem:
We maintain our $10.00 Ripple price prediction for 2018, not just because XRP is better than Bitcoin, but because the continued addition of XRP partners could lead to an explosion of trading volumes. More on that next week.