Categories: Ripple

Phillip Nunn Changes Position on Ripple (XRP), They Will be the “Microsoft of Crypto”

Click here to view original web page at www.newsbtc.com

There has been a long held and persisting debate in the cryptocurrency community as to whether or not XRP, the cryptocurrency commonly associated with Ripple, is truly useful, or if it simply a cash grab by Ripple. Despite this, detractors are beginning to take note of the widespread utilization of XRP, making some of them change their positions.

Phillip Nunn, the CEO of Wealth Chain Capital, is one such XRP detractor who is changing his position on Ripple, explaining his new position to his 31,500 Twitter followers, saying:

“I’ve never been a supporter of #ripple $xrp. But boy they are making some serious moves. And the fact I have issues with their offering are being put aside for now as they become so important in flying the #crypto #blockchain flag… They will become the Microsoft of #crypto.”

Increasing XRP Adoption as Support Grows

The practicality and usability of XRP became increasingly clear over the past few days with the announcement of xRapid going live. This was followed by the news that multiple major companies have already signed on to use the xRapid settlement system, which utilizes the cryptocurrency to facilitate cross-border transactions.

During Ripple’s Swell event earlier this week, Brad Garlinghouse, CEO of Ripple, took to the stage and announced that xRapid would be going live. He added that Mercury FX, Cuallix, and Catalyst Corporate Federal Credit Union would be the first three customers using xRapid.

Despite not signing on any banks to their xRapid system, Ripple claims that banks will not be the first xRapid customers. However, he claims that they will naturally progress from using xCurrent, which is blockchain based, to xRapid, over the next few years.

While speaking to CNBC about banks utilizing xRapid, Asheesh Birla, Ripple’s senior vice president of the product, said:

“Banks worldwide are not first adopters of the xRapid product, but we are seeing a lot of financial institutions in general and payment providers moving forward with that product. In certain markets I think banks will move faster towards leveraging digital assets, and so it really depends on the regulation and the local market. Those countries have a lot more forward-looking regulation when it comes to digital assets, so I would envision that those would be the first bank adopters.”

XRP Price Reflects Increasing Adoption

XRP investors are hoping that the adoption of XRP-based products, like xRapid, will contribute to the volume and liquidity of the digital asset, and in turn will increase its value.

XRP saw tremendous gains in the weeks preceding the release of xRapid, rising from its 30-day low of just over $0.25, to a monthly high of over $0.72 before settling at its current price of $0.53. This price rise has put XRP in direct competition with ETH for the number two spot by market capitalization, with the two cryptos trading places on multiple occasions for the coveted position behind Bitcoin.

It is likely that the onboarding of new customers to xRapid, especially banks, will directly impact the price of XRP.

Featured image from Shutterstock.

Tags: adoption, cryptocurrency, Ripple, Swell, xRapid, xrp

This project will ensure a passive income on the Internet

Make bitcoins off the crypto blog. Get profit for each click!

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Is Boris Gone Landslide and How Would Bitcoin, Markets, React?

The sun has returned on London streets as Boris Johnson, the unelected British Prime Minister, once again covers our TV… Read More

5 hours ago

California Man Admits Masterminding $25 Million Bitcoin Launder Fest

A Los Angeles man has plead guilty to a multi-million money laundering scheme. | Source: Shutterstock By CCN Markets :… Read More

5 hours ago

WORLD NEWS: This Week in Blockchain and Crypto

This week has seen interesting developments around the globe on crypto projects and governments interest in the digital assets space.The… Read More

5 hours ago

Bitcoin Circuit: Is it a scam? Read our comprehensive review!

If you are looking for ways to speculate on cryptocurrencies, then I am sure you have thought about signing up… Read More

5 hours ago

Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly… Read More

5 hours ago

Early Bitcoin Contributor Projected $10 Million BTC Price 10 Years Ago

Share Tweet Send Share Just a week after the bitcoin genesis block in January 2009, computer scientist Hal Finney published… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More