Ripple’s XRP is said to be one of the fastest digital assets available on the market. However, XRP is also a subject of more than several controversies.
Starting from the fact that Ripple company is said to be holding 60% of XRP units, Ripple was accused of having a centralized authority although XRP is pitched as a decentralized project.
Moreover, Ripple’s gained the increased momentum back in January when the currency went above the value of 3$ under the presumption that Ripple is pushing XRP towards mass adoption across numerous financial institutions and banks.
However, those investors who were not familiar with the relationship between Ripple and XRP were soon to find out that XRP wasn’t getting anything from all those bank partnerships as Ripple was pushing their products, xCurrent, and xVia, which doesn’t include a utilization of XRP as a necessity.
Why Isn’t XRP Going Up? Ripple is not XRP
One of the possible reasons why XRP isn’t going up at a progressive pace of growth is the fact that Ripple is not a pure equivalent of its native currency XRP.
Ripple Labs besides from issuing XRP is also working on creating financial products for banks in form of xCurrent and xVia which are systems created by Ripple company.
These systems, despite the previous belief, have nothing to do with XRP, so having banks adopting these systems don’t actually affect XRP for better nor does it affect the mass adoption and mainstreaming of XRP as a currency.
This was the case before the big boom of cryptos and it still remains an active scenario for XRP.
Ripple announces xRapid for Mass Adoption of XRP, but Why Would Banks Go for It?
After seeing Ripple in a major decline, somewhat due to the negative market trends and partially “thanks” to allegations on Ripple’s centralization, XRP managed to get back above the value of 50 cents gaining over 100% of rises in a single week.
At the time of the announcement, XRP rallied, and Ripple representatives announced that they are planning on releasing xRapid for mass adopting XRP among over 120 banks and financial institutions.
Upon the release of the mentioned Ripple’s product there were already several banks from Ripple Net waiting to test the system with using XRP, however, why would this product be mass adopted with XRP when banks can use xCurrent?
XRP (XRP) Price Today – XRP / USD
Price 24H (%) 0.27%
Banks have many times showed that they want nothing or barely anything to do with cryptocurrencies or digital assets, which is also the case with XRP in general.
For now, there are approximately 4 banks out of over 120 financial institutions that are a part of Ripple Net as supporters who are actually testing XRP with the possibility of using xRapid.
Even though the currency was taking gains in the past several days, going up to pass the value of 0.50$ we can see it dropping once again by over -2% in the last 24 hours, making it hard for the third-largest crypto to bounce back up closer to its all-time high.