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Ripple (XRP) Could Become A Standard For Digital Currency

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Ripple (XRP) has been very successful, but it’s also been controversial.

At the moment, there are legal claims that XPR is an unregistered security, and not a decentralized currency such as Bitcoin and Ethereum.

The latest suit claims:

“Here, the XRP offered and sold by the defendants had all the traditional hallmarks of a security, yet defendants failed to register them as such. The purchase of XRP constitutes an investment contract, as XRP purchasers, including plaintiff, provided consideration (in the form of fiat, such as U.S. dollars, or other cryptocurrencies) in exchange for XRP. XRP purchasers reasonably expected to derive profits from their ownership of XRP, and defendants themselves have frequently highlighted this profit motive.”

However, despite its legal woes, markets, investors and institutions note that the Ripple coin is exceedingly useful in real-world transactions because of its lightning-quick transfer money transfer speeds of three seconds on average, its low cost to perform cross-border transactions, and its security.

In fact, after partnering with Ripple, SBI Holdings, Chairman and CEO, Yoshitaka Kitao notes that Ripple adoption into the future economy is inevitable, and has the potential to be a universal digital currency.

“XRP will become a universal standard of digital currency and money. This is because a lot of companies, banks, businesses, organizations, and financial institutions are joining the platform of Ripple for international remittance services,” he noted, as quoted by Ripple Coin News.

Potential Growth

The CEO also believes the coin could reach $10 in value, based on the current popularity of the coin’s solutions with banks, firms, businesses and payment processing companies.

According to FX Street:

“Ripple is working to ensure that its technology is adopted as a standard payment platform around the world especially when it comes to international money transfer and remittance services. Ripple solutions offer fast reliable and affordable international money transfer.”

Another bullish factor for the coin is comments from Ripple CEO, Brad Garlinghouse who believes that a lot of banks will use Ripple products by 2019.

Given the fact that XRP is currently valued at $0.4733, arguments for $10 may sound outrageous. However, once you consider its potential adoption, analysts believe it could happen by at least 2019.

 

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