By
Benjamin Njiri
April 23rd, 2024
The new week has just started and it comes with a few itching updates on the market’s third largest cryptocurrency, the XRP precisely.
In case the thought of Ripple’s native coin being, perhaps, the most patriotic of top-notch tokens available in the cryptocurrency market has even crossed your mind, you won’t be surprised hearing about the deep interest the U.S. presidential administration has been expressing towards such an ambiguous coin.
While the SEC is still doubting to name XPR as a security and the naysayers keep peddling about its tarnished decentralization, the token is steadily going upwards with the market signals a positive trading tendency.
Obviously there are several aces hidden in the sleeve of XPR that keep it floating on the surface and, by the way, triggered a series of in-depth researches conducted by the Trump’s administration. In a recent interview, the Ripple’s newly appointed chief market strategist, Cory Johnson, has outspoken some of XRP mystery.
Primary Johnson confirmed the government enthusiasm of XPR, citing the lack of a foreign-control aspect as the coin’s major advantage. According to Johnson XPR is standing out front of the other digital coins that are mined mostly outside the country, including the king of cryptocurrencies Bitcoin and its arch rival Ethereum, whose 80% of circulating supply is coming out of China.
Additionally Johnson said that the contact between the administration and Ripple’s division takes place in high frequency, stressing the openness of San-Francisco-based company towards an intense collaboration with both regulators and politicians.
He also addressed the critics who claim that the currency is not truly decentralized, explaining that the rumors of a XPR fake decentralization lagerly stem from a confusion between the firm Ripple and XRP, the independent coin-token.
Potential Partnership with SWIFT Makes XPR a New Highway for Crossbanking Settlements
For a while there have been talks going around that sooner or later RippleNet designed by the Ripple company as a blockchain-based alternative for the SWIFT system, which is currently underlying the interbank transactions will ultimately revolutionize the whole industry making cumbersome SWIFT a thing of the past.
The news of Ripple being among the attendances of the Sibos conference that is going to take place in Sydney in the coming weeks has once again sparked the community enthusiasm, keeping in mind the conference’s direct focus on solving for cross-border payments.
At the moment, instant settlement between banks using the SWIFT network is almost impossible, affecting the time to actually settle payments because of liquidity issues. Some says that the partnership with Ripple is the only way to solve these problems.
In the meanwhile, RippleNet is able to source enough liquidity with far less transaction fees and competitive transaction speed that empowers a settlement process to be completed in a matter of seconds.
However, despite an enormous pool of opportunities the potential partnership could deliver to their clientele, Dilip Rao, Global Head of Infrastructure Innovation at Ripple mentioned that so far the collaboration Ripple and SWIFT is an idle speculation.
Release of Network Update for Ripple Protocol Has Been Delayed
As a Coil lead scientist and former employee at Ripple, Ethan MacBrough responded to a Twitterati, the release date for an update of blockchain-based payment protocol dubbed Cobalt had not been set. According to his believes, the launch of the new system upgrade won’t’be anytime soon.
To recap, the main functionality that is expected to be delivered by Cobalt dwells on transaction speed. Having obtained a reputation of the fastest payments processors, Ripple still is seeking a room for improvement that will allow to reduce the transaction delays to barely one second.