Ripple, the company behind XRP, the third largest cryptocurrency by market cap, has revealed that it sold $251.51 million in XRP in the second quarter of 2019. Ripple published its Q2 report on July 24. This clearly indicates that Ripple is being sold at higher rates.
Ripple-A big Share Holder in Cryptocurrency Market
There is a document from a new blog post from the UK Financial Conduct Authority, which classified XRP as an exchange token, not security. Very recently, Ripple announced that it will be buying $30 million of MoneyGram shares at $4.10 per share along with buying 20 million USD worth of shares in the coming 2 years. MoneyGram made Ripple its special partner which will enable cross-border payments in the coming years. This act made Ripple Exchange through MoneyGram very easy. It does not stop at this deal only, Ripple is eyeing at more deals. The PNC treasury management officially integrated with RippleNet to facilitate cross-border settlements between banks. Its been all over the news that the world-famous SBI Ripple Asia which is a subsidiary of SBI Capital, is going to launch a store settlement service along with the attachment of the SBI Holdings and Ripple’s consumer-focused payment app called MoneyTap. It will help in implementing xCurrent, Ripple’s blockchain solution for enabling the near-instant bank to bank domestic remittance services. Considering of these upgrades, there is optimism revolving around XRP’s price in the days to come.
Keeping in view the growing selling pressures, Ripple locked up 55 billion USD in its treasury, unlocking 1 billion every month. Anyway, Ripple is consistently keeping on adding new clients including some marquee names in the banking world like American Express, Standard Chartered, Axis Bank, Santander and MUFG which helps in tackling the problem of liquidity issues.
Is Ripple Worth Exchanging?
After getting an idea about the XRP price growth, is it still a good investment and Ripple exchange seems to be flourishing day by day. There is a hope that XRP will surely touch $7 mark in 2019 as more and more companies are planning to join Ripple’s blockchain network. Analysing all these things, its blockchain technology is worth using because it helps to complete cross border transactions within seconds. So in this way this currency is 10 times stronger than Bitcoin and other prominent cryptocurrencies of the world. Naturally, the investors are thinking of investing in XRP as they are sure that the value of cryptocurrency may touch an all-time high record.
Ripple- An all expanding cryptocurrency
It is believed by crypto experts that XRP is the cryptocurrency that will show a lot of bullish signs in 2019. The reason behind this is the joining of many large banks, financial institutions, and credit card companies. Ripple’s ecosystem is expanding rapidly and more and more companies are joining it. Especially, the joining of American Express and Santandar has benefitted it a lot.
XRP could be an especially good choice for investors looking for a smart investment under $1. So if you buy XRP now and in a few years, you will see how much profit you get.
Betting against the banks never seems like a good idea, but heavy competition is to be expected. The question arise that why would banks use the cryptocurrency of an external company when they are able to create their own blockchain internally? The bonus point for ripple users is that the process of sell ripple is very easy as compare to other cryptocurrency. By searching online for How to Cash out Ripple and you will find many simple methods to get cash. Visa simply can’t be ignored when talking about financial transactions between banks and it’s unlikely that they will not come up with a counter strategy.
Nonetheless, the Ripple network is impressive and expanding. The highly skilled leadership gives confidence to a sound vision and strategy. It is observed that price manipulation may occur and there are plenty of committed naysayers to Ripple, but who needs individual investors when you have the support of big players in the financial system.