Similarly, Ripple has also experienced a lot of momentum last month. It was just announced that former US president Bill Clinton will headline Ripple’s Swell conference later this year, while Australia’s first regulated cryptocurrency exchange Independent Reserve also announced that it would be launching Ripple (XRP) trading.
Ripple is continuing to build its reputation as an innovative cross-border payments platform, and many crypto experts are bullish about its long-term price predictions. In fact, some pundits think the possibility of Ripple reaching near the $10 mark by the end of 2018 is very attainable. Here are a few reasons why.
Ripple Has a Growing Client Base
As of June 2018, Ripple has a reported 120 customers on its network including Bank of America, Credit Agricole, Mizuho Financial Group and Santander, and the Q2 report revealed that the customer base has continued to grow.
“We’re seeing customers like Western Union, Moneygram – they’re leaning in and using our tools to solve a payment problem. And this payments problem is truly measured in the trillions of dollars,” Ripple CEO Brad Garlinghouse said.
Ripple’s Global Head of Strategic Accounts Marcus Treacher also has a lot to say about the growing institutional interest in Ripple. “Blockchain technology is being adopted by the mainstream, including the biggest financial institutions in the world. They see value in our solution not only because it can increase their bottom line, but because it enables them to offer their customers an enhanced payments service, ultimately helping them to gain market share and free-up capital for other investments and business activities.”
Ripple Network is Scalable
One of Bitcoin’s biggest challenges is its lack of scalability. One Bitcoin block is mined every ten minutes, and the legacy Bitcoin blockchain only process 4-7 transactions per second. While the Lightning Network’s off-chain solution presents a powerful alternative, the technology is still in development.
Ripple, meanwhile, has already established itself as a platform that can support 1,500 transactions per second, ultimately scaling to handle the same throughput as Visa. In addition, Ripple transactions are far cheaper than Bitcoin: one Ripple transaction is a fraction of a cent, while Bitcoin transaction fees can range to nearly $30.
Financial institutions value quick and affordable settlement of transactions. Currently, international movement of funds can sometimes take as long as 8 to 14 days. Ripple’s enterprise software solution xCurrent offers a critical advantage in that it enables banks to instantly settle cross-border payments with end-to-end tracking. With a reputation as the most demonstrably scalable blockchain, and an ever-growing list of clients, it seems very likely that Ripple’s price point will continue to rise.
Ripple Serves Many Practical Uses
Ripple has many use cases beyond the cryptocurrency XRP.
As discussed, there is the xCurrent cross-border payments solution, but there is also xRapid, which is for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience, and xVia, which is for corporates, payment providers, and banks who want to send payments across various networks using a standard interface.
Perhaps one of the biggest biggest indicators that Ripple is headed for a price increase is the startup’s underlying belief about the importance of working with mainstream financial institutions, rather than against them. “Ripple has a grand vision of enabling an internet of value. For us, it’s how to catalyze that vision and connecting the repositories of value – those repositories are the banks. Those who are in the crypto community who view them as the enemy are an obstacle to their success,” Ripple CEO Brad Garlinghouse said.