Why is Ripple (XRP) going to be the Network for IoV (Internet of Value)
Ripple (XRP) keeps pushing towards adoption at a rate that other Cryptos simply cannot match. After being announced officially that they were partnering up with MoneyGram in January 11th 2018 now come two other services, IDT corporation and Mercury FX.
This will represent a substantial growth in XRP Ripple’s price since it keeps bashing anyone that does not believe in the project with exciting news almost on a daily basis. For the last few days Ripple continues to be one of the biggest losers compared to its ATH (All Time High), beware that this might be the last time you see it in this price range.
Ripple’s vision is to create the IoV (Internet-of-Value) where value, at least in terms of currency, travels across the world at the same speed as information now does, at light-speed. This one of the steps that must be took if you wish to succeed in achieving the so proclaimed IoT (Internet of Things).
Ripple’s CEO said that they were working closely with 3 of the top 5 financial payment services in the world although it’s only known one, MoneyGram, publicly. He also referred that 2018 will be a pivotal year for these digital services. I agree since the holidays have caught a lot of people’s attention and 2018 will be the showcase for them.
Two New Major Partnerships
Mercury FX is denominated as a global currency exchange that focuses on making the remittance costs something of the past. By enabling on-time liquidity for all of the pairing they offer on their exchanges money can flow in a more fluid form around the world. Alastair Constance, Mercury FX CEO said that this collaboration in Ripple (XRP) will be the very productive both ways. He stated:
“Ripple, XRP and fiat currency fit hand in glove (…) xRapid allows us to drive down the cost of currency exchange and settlement (…)”
- Alastair Constance, Mercury FX CEO
IDT corporation is a company that is currently listed in the NYSE and has over a thousand workers in the field of telecommunications based on New Jersey, USA. It also brings services in transferring money through international borders and guess what? They are also going to implement xRapid in its pilot project. This will be huge for Ripple (XRP) since almost everyone doubts this coin will have real-use applications for being backed by banks.
“We’re excited to pilot Ripple’s xRapid for on-demand liquidity. We expect that xRapid will enable us to settle more transactions in real-time and at a lower cost.”
- Alfredo O’Hagan, senior vice president of IDT’s consumer payments business
Both Mercury FX and IDT corporation will use xRapid and both joined MoneyGram and Cuallix that uses XRP to provide liquidity for global payments which will bring a lot of visibility for Ripple.
Ripple (XRP) was one of the first to go up and one of the first to go down as well, this could mean that Ripple is ahead of the market because so many large-scale investors usually have a stronger inside information which allows them to more accurately predict market trends. None of this is confirmed but at least for the last 2 months Ripple was one of the strongest gainers in the crypto market. Registering $0.23 USD as of December 11th Ripple has still over 500% gains when compared to now where is currently being traded at $1.29 USD.
Image 1 – Ripple (XRP) Charts – Source: coinmarketcap.com
Of course, this was all due to the December hype but still when compared to its ATH of $3.81 USD (All Time High) it is clear that the dip took a larger tole on Ripple (XRP), and it’s not that unusual to see bigger drops in XRP price since so much FUD surrounds this coin.
The market is currently rebounding and once it picks up steam, probably next month, we’ll see Ripple go back to being one of the top performers in terms of growth, simply because it was one of the coins that took one the biggest hits in this dip. In my opinion this was due specially because of coinmarketcap sudden change of not including Korean Exchange inflated values which led to billions of dollars of market cap simply vanishing from overnight.
I see Ripple (XRP) reaching the ATH and surpassing it before the turn of March.