Former Chief representative of RippleLabs and TRON CEO Justin Sun weighs in on XRP price surge for past several weeks; expressing his views on landscape of global payments and cryptocurrency.
While giving an interview to Investopedia recently, the outspoken person who worked as Chief Representative for Ripple from 2014 to 2016, describes the evolution of cryptocurrency startup and XRP coin.
Sun on Ripple’s Price Surge
Although Sun has been quiet about the experience with Ripple, it did provide him great insight towards growing industry of crypto and blockchain which led to the development of TRON (TRX). Sun answers the question of “why XRP was on surge in adoption and price valuation” that Ripple had created the coin especially to improve financial sector, or institutions like banks and global payment providers and solving the issues of costs and slow cross-border payments. Whilst competitors provide services that take days and are costly. But, xRapid services of Ripple uses XRP entirely for liquidity and perform same task in minutes with cheap cost.
“XRP is a cryptocurrency tailored to providing banks and payment providers a reliable solution for cross-border payments. I was Ripple Labs’ Chief Representative between 2014 and 2016, and I saw first-hand the massive demand for blockchain-based cross-border payments solutions.”
Sun further demonstrates the achievements of Ripple speeding-up their cross-border payments within banks, which results in great partnership with PNC; top US bank with more than 2000 branches across the country.
“During my tenure, I worked on partnerships with WeBank, China’s first online work bank, and Shanghai Huarui Bank. Fast forward to today and Ripple is now supported by over 100 financial institutions around the world, including PNC.”
Taking this opportunity, Sun speaks about TRON while stating that TRX will also create its space within global payments industry. Soon it will attract banks for crypto-based transfers.
TRON (TRX) Price Today – TRX / USD
Ripple (XRP) goes down during its biggest ever gathering, a Swell conference. The XRP price hits $0.6 on Sunday up to Swell but falls down to $0.52 since then.
The Ripple Swell conference in San Francisco brought star speakers including Gene Sperling (advisor of Barak Obama), former US president Bill Clinton, and US economist. Meanwhile, Ripple Labs throws the news that it has signed up with three companies to xRapid service of its own; xRapid enables them to use cryptocurrency XRP to perform international transactions in minutes.
MercuryFX, Cuallix, and cooperative financial firm Credit Union are the first three companies that signed up to xRapid of Ripple Labs, stated by Ripple CEO Brad Garlinghouse.
As TheOofy reported before Ripple XRP and TransferGo Agree to Use xRAPID for Cross-Border Payments.
Ripple Price Dip After Swell
XRP has dropped up to 80% from its peak point, just like other major cryptocurrencies struggling after huge bull run of previous year. The price of Ripple surged over $3, higher from $0.006 that it started in 2017.
XRP (XRP) Price Today – XRP / USD
Now, running at the range of $0.5, Ripple might have lost its long battle with ethereum for the second position in terms of market capitalization in crypto space.