Ripple’s native token XRP has been marred into controversy for long apart from that the prices of the XRP token has seen some major setback in 2019, but that has not deterred the crypto enthusiasts in Calfornia to prefer it over Bitcoin. According to data published by Uphold’s Transparency report, XRP is more popular than Bitcoin in the American State of California.
The XRP transfers from California are usually routed to Brazil, Venezuela, and states like Colorado and Florida. XRP is the native token of Ripple is usually used for liquidity on their payment network like RippleNet. Another reason for the growth in popularity of XRP is the boom in demand for Ripple made banking solutions which have become a rage with hundreds of banks lined up and an almost equal number of banks already implementing the solution.
Among the list of countries where most of the XRP funds are being transferred to, most of them are developing nations like Brazil and Venezuela where the government-controlled financial system have become a mess, and cryptocurrency has come out to be their only revival. Venezuela is the worst affected as the hyperinflation has made its fiat useless.
Ripple’s Latest Partnerships
Ripple’s banking solutions have become the goto system for major banks and payment transfer portals. Recently it partnered with Saudi British Bank (SAAB) and with the world’s second-largest money transfer portal Ria Money.
The main reason for its popularity is the facilities that one gets using RippleNet which includes near instant money transfer at a negligible price. While Bitcoin was created to become the universal decentralized financial network, the scalability issues, and reluctance of developers to make any significant changes on the mainnet has surely put Bitcoin out of contention to become the widely used payment system, at least for now.
Bitcoin currently faces an uphill task as its network is slowing down which also led to an increased transaction fee, its second layer solution in the form of the Lightning network does not look very optimistic at this point either. Ripple, on the other hand, put their focus on creating a solution that can be adopted on a large scale rather than bow down to the pressure around it.