Ripple (XRP), the foremost cryptocurrency in cross-border payments has been in the lead in the industry. It has made it possible to make payments in seconds which has attracted several clients including banks and other financial institutions around the world.
Weiss Ratings, the world’s leader in the financial analysis of financial institutions have acknowledged Ripple’s role in facilitating payments around the world. In a post on its official Twitter page, they say Ripple’s consensus mechanism gives it a “competitive advantage” over other cryptocurrencies in the area of payments.
#XRP strives to change the way we make cross border payments – using XRP, transactions can settle within seconds, and this is huge for private investors and institutions alike. We think the way XRP’s consensus works gives it competitive advantage over others in this area. #crypto
— Weiss Ratings (@WeissRatings) December 28, 2018
https://platform.twitter.com/widgets.jsXRP’s recorded successes today including its taking over the second spot from Ethereum in 2018 may have to do with its progress in the payments services it provides. xRapid, the major product at the forefront of this service has been adopted massively since its launch earlier in the year.
As the market for payment services continues to expand, XRP has been predicted to become one of the top cryptocurrencies by the next year 2019. Partnerships such as the recent one with JP Morgan may also contribute significantly to the predicted surge the asset is expected to experience by next year.
Also recently, millions of XRP were moved by whales which is one of the biggest XRP transactions ever. While this is not of direct benefit to the network, it shows that “whales” are actually using the asset for transactions as the millions of XRP moved were divided into fragments with distinct payments for goods or services.
The popularity in the payment services provided is expected to further encourage adoption among institutional investors which will significantly push price. This according to some, will make XRP replace BTC as the top cryptocurrency by market capitalization.
As the year 2019 has been predicted to be the year of cryptocurrencies, more of adoption not just for XRP but other cryptocurrencies will be expected and it is expected to bring the industry closer to mainstream adoption and initiate a massive market recovery.
The question is will XRP really replace BTC by 2019? The cryptocurrency community and indeed investors are looking forward to a better crypto year.
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