Ripple had its share of ups and downs this year along with other cryptocurrencies. But what makes Ripple stand out is the fact that it was able to capture its niche. Ripple stands out compared to other cryptocurrencies out there simply because it is focused mainly on solving cross-border transactions. Ripple offers something that is cheap and fast at the same time. With xRapid, it has been able to capture the interest of different institutions. It has partnered with companies such as Western Union and banks such as Santander.
In terms of ranking, Ripple has been able to capture the second spot for top cryptocurrencies from Ethereum. After being able to capture customers in America and in Europe, it seems that Ripple is now setting its eyes no the Asian market. It has been reported before that Ripple has been looking to solve cross-border transactions in the Philippines, a country that has a large part of their population works abroad.
Dan Morgan who is Ripple’s Head of Regulatory Relations for Europe elaborated that the country is already planning to penetrate the Asian market. The Asian market is currently interested in the tech offered by Ripple. Moran mentioned that “It’s very early days but we see the biggest appetite in Asian markets, in terms of demand, so remittance demand, whether it is corridors that are under-served because correspondence banking is too costly…So, we feel that there is demand”.
Both xRapid and XRP are being adopted in today’s Asian market. Morgan mentioned that “Liquidity, in terms of digital assets, most liquidity we have… is in Asian markets by some distance”.
However, he commented that the Asian market needs better regulatory clarity not only for cryptos but also for blockchain-related technology. He is also looking closely into Thailand as one of the key countries in the Asian region where Ripple could potentially get adopted.
He said that “Again, we see a number of pockets around Asia where they are further ahead that we are here… Thailand, I talked about. Obviously, Japan is another place… So, you are absolutely right, it is Asia. I wouldn’t want to pin down exact markets… In Thailand, for instance, with that regulation, I think Siam Commercial Bank…is really active now in terms of settlements, digital asset activity”.
Ripple’s Challenges
Though Ripple has been adopted by different institutions and it even helped them to somewhat stay strong during the recent drop after the Bitcoin Cash hard fork, Ripple also had its share of challenges. The US Securities and Exchange Commission this year considered both Bitcoin and Ethereum as commodities. But because of the lawsuits that Ripple has received in the past month, Ripple was in a limbo. Lawsuits claim that XRP is a security.
Ripple’s legal team was able to move the case to federal court. For legal experts, this move has been seen as a brilliant move since it could potentially increase the chances of Ripple winning the case.
What is in store for Ripple in the coming months? Will Ripple be able to solidify the second spot and make the lead more pronounced against Ethereum? Will there be more partnerships in Asia after this?
