Ripple (XRP)–Ironically, the currency that has been labelled by detractors as an anti-crypto, banking industry coin is in the greatest position to revolutionize and lead the industry of cryptocurrency.
As the market continues the steady spiral downward, no other currency has demonstrated a commitment to building partnerships, real-world implementation, and improved usability.
While many, including the now billionaire-status Winklevoss twins, assume that Bitcoin will continue leading the industry and paving the way for crypto adoption, Ripple is the more likely candidate given the market conditions that have stalled cryptocurrency growth so far in 2018.
Here are just a few reasons why Ripple will be the keystone currency and one that will drive innovation in the industry this year and beyond:
The Fundamentals of XRP
Fundamentals, fundamentals, fundamentals. While many currencies make broad claims and talk about the many use-cases their currency exhibits, Ripple is one of a handful that has the utility to warrant real-world interest. Bitcoin has been an intriguing gateway for many investors and technology enthusiasts into the world of cryptocurrency because of the alluring principles behind decentralization. There is an ardent group looking to the scarcity and price appreciation of Bitcoin to make them overnight millionaires. There is also a fervent segment that values Bitcoin for its use in libertarian politics and social revolution. Cryptocurrency offers a significant value to either party–those looking for profit through investing and those who see the potential for disruption and world-wide revolution.
Ripple, if anything, offers both. The high coin supply has created market conditions that favor steady price change over long periods of time. While investors can’t ride the same wild highs of exponential gains that Bitcoin and other low-cap currencies offer, it still provides a source of investment for those willing to hold their asset long-term. Ideally, Ripple will be the first currency to give investors a legitimate reason to use the coin and hold XRP for reasons outside of price speculation (such as a partnerships with Amazon, Porsche, or UBer).
Looking at the fundamentals of XRP, particularly when compared to other leaders in the industry, it becomes clear that Ripple is the most usable cryptocurrency on the market:
- Instant and (almost) free transactions. Ripple transactions occur in under five seconds, which immediately makes the currency available for in-store purchases and other physical exchanges for goods and services. Fees are also a nonexistent barrier to Ripple use, at 0.00001 XRP per transaction. This opens the door for XRP to be used in “throwaway” transactions, such as the one we outlined for Porsche as a replacement for traditional car keys/fobs. It also provides a seamless payment service for any merchant looking to implement cryptocurrency. A company like Amazon can’t rely on 6 hour payment confirmations if their shipping system is designed to go to work immediately after a customer places their order. Ripple is immune to the majority of barriers preventing cryptocurrency adoption–high fees, long confirmation times, FOMO over price appreciation. Even if Bitcoin starts gaining traction again, it’s only a matter of time before the market becomes dissuaded from usability issues.
- Expansive Room to Scale. Ripple has a network capable of handling 1500 tx/second with the possibility of even greater volume on the horizon. At present, Bitcoin’s network can handle 7 tx/s. You can still be a fan of BTC, but the numbers don’t lie. Bitcoin is suffering from severe network congestion as a hurdle to widespread use and adoption. At this point, the problems plaguing Bitcoin are artificially limiting the entire industry, with most of the general public and tangential investors assuming all cryptocurrency suffer the same impediment to adoption. Bitcoin may figure out its scaling debacle with lightning network and upgrades, but the field of cryptocurrency is missing out on an already established solution. Ripple is built to scale. Ripple can handle the transaction load necessary for widespread use. Ripple has a dedicated development team and the start of powerful partnerships (Western Union, MoneyGram, American Express to name a few) that guarantee it a future on the global stage. When people talk about the problems related to scale with cryptocurrency, they are neglecting to see the solution already in front of them.
Ripple Partnerships and Infinite Usability
The best technologies are the ones with infinite room to grow. The internet holds universal appeal because of the lack of limitation in usability. Imagination, ingenuity and hard work are the three components to build anything in the digital realm. 3D printers hold a similar fascination, with the average joe hobbyist able to tinker in a limitless number of ways. Automation–whether through smarter computing or artificial intelligence–is another wave of infinite growth that will soon envelope the world. Cryptocurrency has equal potential to join the list of revolutionary technologies, but the field is being limited by an obsession over price and every day greed.
Is it disappointing to see the price of XRP drop? Of course. But the more pertinent focus should be on growing the Ripple brand and furthering the implementation of XRP.
Cryptocurrency is entering the third month of market depression, with most currencies exhibiting 50-80% losses in valuation since the last all-time high. A year from now, this dip could be laughably small in the grand scheme of the price drop. It could also be just another blip on the steady climb of cryptocurrency into widespread adoption and market saturation. Either way, the frustration over the limited use and purpose of Bitcoin, Ethereum and other market leaders is opening the door for Ripple to enter the spotlight. XRP has the utility and features to avoid the crushing deficiencies that have stifled BTC growth. With greater adoption, more people will come to see the usability of Ripple and the ease of access–like the internet before it–that XRP offers to developers, innovators and the general public. If cryptocurrency has any benefit to the real world, outside of profit-seeking price speculation, Ripple is a ready-now technology that is just waiting for greater recognition.