Over the past months, Ripple was able to bring XRP into the spotlight after the announcement of the xRapid. It is also the reason why it is now the second largest cryptocurrency next to Bitcoin based on market cap. And now, Ripple has been able to partner with different institutions hoping to lessen the cost of cross-border transactions. The likes of Santander and Western Union have been using Ripple-related products. And now, there is a chance that Ripple’s XRP could even push towards mass adoption.
E-Commerce and XRP?
So what’s next for XRP? Ripple is looking to push XRP into mass adoption. This time around, Wietse Wind is looking to bring Ripple’s XRP into WooCommerce. Wind is the founder of XRPL Labs. It has received funding directly from Ripple, and in exchange, he was able to bring plugins for WooCommerce that integrates XRP.
For those who believe in the cause can contribute to the bounty. The bounty has reached more than 3,000 XRP or roughly converted to around $950.
Currently, there are around 3.3 million websites that make use of WooCommerce. And if this is the case, it could potentially push the popularization of XRP as a mode of payment online. It has been designed to work on WordPress which even makes it better considering the fact that 33% of all sites online run on the WordPress CMS.
Among the other projects that XRPL Labs has been working on includes a mobile wallet, a cold crypto storage operating system, and even a decentralized exchange.
XRP a Security or Not?
Among the toughest challenge to XRP is the claim that it is actually a security. The US Securities and Exchange Commission hasn’t given a decision whether or not XRP is a security. Instead, it has cleared both Bitcoin and Ethereum saying that both aren’t considered securities. However, for XRP, it has remained still in limbo.
There were different cases against Ripple claiming that they were sold a security. However, there was an event that could potentially clear XRP. There was a recent server outage at Ripple, however, XRP continued. However, there were still doubts saying that it could potentially be Ripple that orchestrated the entire event.
Pushing for Adoption
Adoption is something that crypto observers are looking to have. Since 2017, cryptocurrencies have been struggling to regain its position. Bitcoin, in December 2017, was able to reach near $20K. However, after more than a year, Bitcoin has lost 80% of its peak value. And also, regulatory clarity is still an issue in today’s crypto market.
Aside from the fact that cryptocurrencies are still in a grey area, institutional investors are still hesitating towards adopting cryptos. There are also concerns regarding price manipulation in the industry. Price manipulation has been the reason why a Bitcoin ETF still hasn’t happened. According to the SEC, the agency thinks that the crypto exchanges don’t have the necessary surveillance tools that can stop this event from happening.
Could it be possible that XRP will be adopted soon? If it becomes part of Woocommerce, will it be possible to increase the number of websites accepting XRP as payment for their products or services?
