As the crypto markets turn bullish once again, investors explore different markets. Many people hope to see the XRP price mount a strong comeback, even if this past week was rather bleak. Moreover, some behind-the-scenes developments enable Ripple’s technology’s long-term potential.
XRP Price Remains Rather Quiet
This past week has yielded some spectacular price increases for many crypto assets. Although most markets can only go up when Bitcoin turns bullish, it is a welcome site regardless. Unfortunately, the week has been a bit disappointing for those who hoped for a big XRP price breakout. Traders pushed an initial push beyond $0.9 down violently, and the subsequent broader market dip didn’t help either.
Overall, the XRP price is still near the same level as a week ago. There is a 2.3% increase, which is still pretty decent given the volatility this week. However, the market isn’t necessarily finding its ground just yet. Stability is always hard to come by in the crypto world, and Ripple’s asset needs help. A dip below $0.8 seems out of the question, but going beyond $0.9 isn’t straightforward either.
Ecosystem Growth Remains Crucial
One can argue that Ripple has seen tremendous growth over the years. It is active across 55 countries and has partnerships – existing or concluded – with hundreds of financial institutions. Although the name Ripple may not be front and center in those partnerships, working together with Siam Commercial Bank, Nium, Pyypl, and others remain essential to long-term success.
In a recent blog post, Ripple looks toward the future of crypto for business. On-Demand Liquidity will likely play a key role in those proceedings, as it foregoes companies’ resource-heavy commitment. Moreover, the team is building the Liquidity Hub to buy, sell, or hold crypto internally as a company or on behalf of customers. Liquidity Hub will feature deep liquidity pools and smart order routing to source optimized prices.
The Dual-Pronged Approach of Liquidity Hub
While the Liquidity Hub is beneficial to companies, it also suits consumers. More specifically, there is a growing surge in volume and range of consumers expressing an interest in crypto. Diverse goals and expectations are great and create implications for companies to meet those demands. Liquidity Hub can help businesses better to serve customer needs through a single API increase.
More businesses better serving their customers will benefit the latter group and bring more people into the crypto fold. Those businesses can span banks, neobanks, fintech firms, financial providers, etc. Consumers will always seek an intermediary to interface with for crypto. The broader access there is to the industry, the more growth can be unlocked moving forward.
XRP Is A Global Currency
Even though the SEC may have some rather outspoken opinions on Ripple and XRP, the currency remains very successful. It is now used as a currency across five jurisdictions, establishing a solid foundation for future growth. More specifically, XRP gains ground across Japan, Singapore, the UK, the UAE, and Switzerland.
Making inroads in the US will remain tricky due to the ongoing SEC lawsuit. However, Ripple is willing to work together with regulators and other entities to establish new solutions, products, and services. Banks can benefit greatly from working with Ripple and incorporating XRP from a cost-saving perspective. It seems to be a matter of time before Ripple and RippleNet make even more considerable inroads.
A Potential Swift Rival?
There are many ways to incorporate Ripple and its technology in today’s finance ecosystem. Nium, one of the many Ripple partners, aims to build a solution capable of rivaling Swift. More importantly, it would represent a 90% discount on fees for US brokers, making it a worthwhile option to consider.
The new brokerage payments solution by Nium runs on RippleNet and wants to become a more cost-effective method to settle transactions to select US brokerages. Moreover, the solution enables international investors to invest in the US stock market. It is an intriguing project to keep an eye on over the next few months.
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