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XRP rushes past $0.30; Ripple chooses to participate in the smart contract phenomenon

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XRP is one of the most popular cryptocurrencies and is currently positioned at #3 in the market. The trading volume recorded stands at approximately $1.836 billion, while the supply has 43,248,091,671 XRP coins in play as part of circulation. The total market cap of XRP amounts to $12.976 billion for now. The price dipped slightly, at a rate of 0.52% in the course of the past 24-hours; this, in turn, led to XRP declining all the way down to the $0.300037 mark where it presently rests.

Flare Networks is a smart contract platform that has successfully struck a major deal involving Xpring [a branch of Ripple that tends to focus on investments]. This was announced a day back; Flare was unleashed after two years of diligent research. The native tokens associated with the aforementioned platform will be a stablecoin [Interledger and Flare shall co-exist, enabling users to pay for contracts via XRP]. This partnership is meant to accelerate mass-adoption. Not too long ago, Xpring had picked Coil [a content-creating platform that publishes Pro-Ripple articles] as a solid pick for investing.

XRP enthusiasts keep thinking that this virtual currency has the potential to topple Bitcoin from the #1 position. While banks have displayed a hesitant outlook towards BTC, several of them [Eg: Santander, Faysal Bank, etc] have begun to use xRapid and xCurrent so as to initiate cross-border transactions as SWIFT as a problem grows with every passing day.

In my opinion, Ripple has a long way to go before it can actively compete against Bitcoin. Being accepted as a “global reserve currency” is a great goal, but the path would be thorny and filled with barriers. I sincerely hope that Brad Garlinghouse, David Schwartz and their employees are ready.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.