Ripple has always made great efforts to prop up XRP, and those efforts have often paid off as various financial institutions get interested in the company’s payment solutions – one of which is xRapid that utilizes XRP.
In a recent interview with Bloomberg, Ripple’s CEO, Brad Garlinghouse, didn’t mince his words in saying that there’s currently a huge number of cryptocurrencies that offer nothing, although he went ahead to admit that the bullish cycle is incoming and will affect the entire market.
Utility And Volatility
However, Brad had a few notes to make, two of them being about the utility and volatility of cryptocurrencies and other global payment models like SWIFT. He opined that out of the over 3,000 cryptos currently in the market, only about 1% of them offer actual utility. XRP is one of those few that are trying to solve existing problems. The other 99% is likely to drop to zero at some point.
Speaking about volatility, Brad compared Ripple’s fast payment solutions to those of SWIFT. Until the blockchain technology came about and companies like Ripple entered the market, SWIFT was the best bet for cross-border transactions. Not anymore.
Now, Ripple’s payment solutions can settle payments within seconds, and that’s very much unlike SWIFT whose transactions sometimes take days to settle. In that sense, Ripple’s xRapid that utilizes XRP ensures that transactions are settled instantly with zero volatility.
SWIFT Is Ready For Battle
On its part, SWIFT has announced that it’s not scared of the new blockchain technology that is now threatening its very existence.
Over the last two years, the company has been developing and testing a new payment system, dubbed the Global Payment Innovation (GPI) that is faster and more efficient than the previous versions. The company hopes that GPI will help battle the growing competition.
Walmart Teams Up With Ripple Partners
In an effort to expand its client base and boost XRP adoption, Ripple has been on a charm offensive, signing up customers onto its RippleNet, partnering with big corporations, and investing in various blockchain-based startups.
Just recently, Walmart partnered with Ria Transfer Money and MoneyGram to expose its customers to more payment options. Interestingly, the two companies are partners with Ripple. In fact, MoneyGram is already using xRapid. These strategic developments are likely to impact XRP in the long-term as usage increases.