We already know that there are over 200 banks and financial institutions that are part of the RippleNET family that connects the banks to the Ripple network. With big names such as Barclays, American Express, Santander and Euro Exim Bank on-board it is no surprise that XRP has been gaining more and more attention as the months fly past.
In this article, I wish to present 4 more reasons for you to invest in XRP;
1. They sign 2-3 institutional clients per week
According to the global head of banking at Ripple, Marjan Delatinne, since the end of 2018 Ripple has over 200 financial institutions that are using the RippleNET. This means that they have over 200 clients that are past the proof-of-concept phase and are actually part of the family. It took the Ripple team years to sign the first 100 clients but the last 100 have all signed up in the past year or so. This means that on average, Ripple is actually onboarding between 2-3 clients per week which is a VERY impressive statistic.
If Ripple can continue to onboard as many clients as they have been we can most certainly expect this to flood on over into the XRP markets as time draws on.
2. Financial institutions are ACTUALLY using It
Taking point number 1 further, some of the financial institutions are ACTUALLY using the XRP cryptocurrency. During a panel at Paris Blockchain week, Delantinne had recently confirmed that 10 financial institutions are using the XRP digital asset via Ripple’s xRapid liquidity solution.
Although this is a far cry from the 200 institutions signed up, it is a starting point. As more and more of these institutions star to implement xRapid we can expect the price for XRP to continue to increase further higher.
3. XRP may be bigger than we think
This one is still yet to be confirmed once more light has been shed on the issue but if you take a look at coinmarketcap.com, you can see that XRP is clearly ranked in the 3rd position with a total market cap of $13.4 billion;
However, if you take a look over at the metrics provided by Ripple themselves, they believe that XRP has a total market cap of $31.11 billion.
If this is true, then that would put XRP in the 2nd ranked position in the market cap rankings, right behind Bitcoin which would mean that XRP is actually much bigger than we think.
Of course, this could just be a discrepancy amongst the reported circulating supplies for each resource. However, if the Ripple team believe there are 100 billion XRP in circulation, then why should we doubt them?
4. High profile voices behind Ripple
Last but not least, Ripple has some major voices behind them that are clearly backing Ripple and XRP to the fullest. For example, it is clear that Ripple and the International Monetary Fund (IMF) have a very strong relationship. Chris Larsen, the co-founder of Ripple, was previously invited to speak with a panel at the IMF about the potential future that blockchain and DAGs could have on the financial economy. Furthermore, the Director of the IMF, Christine Lagarde, took this one step further by stating that banks and financial institutions today should take a look into the benefits of blockchain or risk being ‘cannibalized’ by the new technology.
Another high profile individual that has spoken out about XRP is Mark Carney, the Governor for The Bank of England. In an AMA Carney answered XRP fan questions and stated that there was a strong opportunity for Ripple in the banking industry after confirming that the Bank of England was also a partner with the RippleNET family.
So there you have it! 4 more great reasons to go and pick some XRP up - especially now considering we are very close to the strong support at $0.30.
