Ripple’s Global Network RippleNet Is Driving Usage of XRP

UTC by Osaemezu Ogwu · 3 min read
Ripple’s Global Network RippleNet Is Driving Usage of XRP
Photo: Ripple

The usage of XRP within RippleNet for cross-border payments is continuously growing. It is one of the factors that can ensure a more liquid and stable market.

In an article, titled “The Sign of a Stabilizing Market: XRP Utility” that was published on Ripple‘s official website on Thursday, January 30, 2020, the company revealed that financial institutions are already utilizing the power of blockchain and digital asset technology. And there are tangible results to prove it.

Ripple, the blockchain firm that actively uses the popular altcoin XRP in its solutions, has been in the news for a while now. Following a number of positive developments that surrounded its asset token and captured the attention of many people earlier this week, the firm has returned to the talks once again with the latest release on its website.

Moving toward Mass Adoption

According to the article, the adoption of blockchain became widespread in 2019, with the rising consciousness of the added value that digital assets can produce when partnered with blockchain, particularly for major use cases like cross-border payments. Derivatives trading in digital assets was also mentioned to have recorded significant progress, which is a vital step in the development of these technologies.

All combined, increased utility of digital assets in cross-border payments and the establishment of derivatives trading are both contributing to a more liquid and stable market for digital assets than ever before. And there are no signs of slowing down.

XRP has grown massively as a global asset for payment within the last two years and the growth potential of transformational technologies seems to evolve rapidly. Mass adoption of the technology is also predicted to be close.

“As institutional-grade infrastructure continues to be built, and real-world problems are increasingly solved using digital assets like XRP, the tipping point to critical-mass adoption is constantly moving closer”, the article concluded.

XRP: Different Views

The Ripple company and XRP will remain in the talks for some more time after taking up the headline spots on the major crypto portals in the final days of the month. Ripple and XRP both earned mentions at a recent U.S. congressional hearing.

At the hearing, Congress directly made reference to the blockchain firm and its efforts with the adoption of its digital asset token, XRP, with Christina Tetreault stealing the show by recognizing them both after she was asked whether she knows about some of the top cryptocurrencies by Rep. Tom Emmer.

However, XRP still remains a rather controversial asset in the minds of many people. On January 31st, 2020, Coinspeaker reported the news of former UFC fighter, Ben Askren, known to be a Bitcoin bull, who claimed that XRP is a scam. But it is noted that such a statement could have been influenced by the background of his previous love for other cryptocurrencies.

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