Many questions remain about ripple’s future however, a strong and effective media presence is a key factor.
As many of you will know, Ripple
and Bitcoin are often compared to each other. This is due their similarities such as their large reputations as market caps within the industry.
But there is one crucial contrasting factor between Bitcoin
and Ripple – Ripple isn’t actually based on blockchain technology. Instead of blockchain, the underlying technology for Ripple is a similar, but different, consensus-based ledger.
Ripple’s ledger uses a HashTree to compile groups of information into one single value. This value is then sent across servers for confirmation. The creators of Ripple say that this kind of consensus makes all of Ripples products, XRP, xRapid, xVia, xCurrent and the RippleNet a perfect fit for the venture.
Ripple is amongst the most popular coins on the leading exchanges and during press time, Ripple was the third biggest crypto project by market cap.
So, what should you consider when purchasing Ripple?
As mentioned above, Ripple is one of the leading figures in the cryptocurrency
market. Ripple’s team of technology, finance and fintech professionals have shown their thoughts on that a key focus on customer service and partnerships is integral course for new technology businesses to get boosted off the ground. One of Ripple’s products, RippleNet has over 70 customers who actively use the Ripple product.
As well as having an established customer-base, Ripple has used planned out partnerships to create a certain amount of excitement, it has turned into ‘organic press’. Ripple has put a lot of work into building up its media coverage and making sure it’s being heard.
Before Ripple Labs, the international payment protocol, SWIFT didn’t have a lot (if any) competition. However, may have now been saying that Ripple could soon generate SWIFT useless and no longer in use.
Ripple labs is focused on generating networks for a send and receive remittances (cross-border payments).
The underlying network of XRP, RippleNet, is capable of quickly transferring money across the world. Because this is possible, it has embraces due to an increase in the number of financial institutions, Santander being just one of them.
One significant thing to add is that despite these institutions having adopted the Ripple product, they don’t use XRP in their financial transactions. However, thanks to the many partnerships that Ripple has, this shows the strength of the technology in Ripple’s whole ecosystem.
What’s next for Ripple?
The digital currency markets are largely at a plain level at the moment. Despite a fast-moving economic climate, the whole industry seems to be at a stand-still.
That doesn’t exclude Ripple from this either. Even though the price of XRP has had an almost seesaw affect over the past several months, its price at the moment is close to where it was in March.
If Ripple keeps up its healthy relationship with the media and advances on forging new relationships with financial institutions, they just may have a good chance at being able to keep fighting in the long-term.