At just $0.23 on the dollar, Ripple (XRP) is easily the most overlooked digital asset on the current cryptocurrency market. However, while decentralization cryptocurrency enthusiasts might not have time for Ripple Coin, it is becoming increasingly apparent that big banks are falling head over heels in love with the Ripple blockchain.
Will Ripple XRP be the Only Digital Currency Which Banks Let Go Mainstream?
On November 28th, Tech Crunch Founder Michael Arrington announced the launch of Arrington XRP Capital, the first ever digital currency hedge fund which will be denominated in a digital currency (Ripple XRP) rather than a fiat currency like the US dollar.
Clearly, Michael Arrington has a faith that throughout 2018, the cryptocurrency boom of 2017 is set to continue. What is more, Arrington isn’t alone in this assumption. Billionaire trader Mike Novogratz, recently told Cryptocoin News that he expects the digital currency market to balloon from a market cap of $3 billion here in 2017 to one of over $2 trillion by November next year.
There is only one problem. As dictated by the growing number of mainstream financial institutions embracing the Ripple blockchain, Ripple seems to be the only digital currency which banks are willing to lend an ear of legitimacy. Worse, this trend may now be going to a nation-state level, specifically due to Ripple XRP being the only digital currency given a chair at this years Europan Central Bank Digital Transformations Conference.
Is Ripple’s Long-Term Plan Simply to Monopolize the Retail Sector?
From November 30th to December 1st, 2017, Marcus Treacher, Global Head of Strategic Accounts at Ripple, will be the only representative of a digital currency attending 2017’s ‘ECB Digital transformation of the retail payments ecosystem’ conference.
The keyword here is ‘ecosystem.’ This is because, with thanks to Marcus Treacher’s attendance, the Ripple blockchain will be the only blockchain given full representation as EU and world bank heads discuss key topics such as: ‘Distributed ledger technologies in payments – strengths, weaknesses and a possible way forward.’ And: ‘What drives virtual currency adoption by retailers?’
Why Other Altcoins Need to Start Getting On-Board with Retail Payments
It can be easy to cry foul at the idea of Ripple XRP being the only cryptocurrency currently being represented at a financial institution and/or nation-state level. In reality, however, credit also needs to be given where it is due. Ripple’s place at the ECB conference table this year has likely been bolstered by Ripple’s April appointment of former Swift business director Marjan Delantinne, as Ripple’s own European Sales Director.
More recently, Ripple appointed former New York Financial Services superintendent, Benjamin Lawsky to its board of directors. What no top market cap (and/or decentralized) cryptocurrency seems to be doing, however, is investing in a legitimate way to start pushing real-world roll out of blockchain payment systems in the same way.
Ripple XRP Price Predictions for 2018
Given the amount of wooing and courting which Ripple has participated in over 2017 with some of the biggest names in finance, 2018 could well see a surprise entry into mainstream retail by Ripple. What is more, if this were to happen a subsequent Ripple XRP bull run would likely make every Bitcoin bull run to date pale in comparison. Regardless, however, of whether that happens or not, it definitely might be time to start stocking up on a few XRP coins just in case.