Western Union is one of Ripple’s biggest partners. It’s actually one of the partnerships that Ripple (XRP) investors have been counting on, to push up the value of this crypto in the long run. However, this seems to have been dented yesterday when the Western Union CEO announced that the firm had not yet realized any major cost savings, from its Ripple (XRP) pilot. However, this is really a no biggie, and should not scare ripple (XRP) investors. That’s because the nature in which the pilot has been conducted, would not have given Western Union the results they wanted, in terms of operational efficiency.
Western union has only tested Ripple (XRP) in 10 transactions, which is too low to have any major impact on cost-efficiency. For a company that does millions of transactions every month, there is no way they could feel any impact from such a small number of transactions. Even the western Union CEO shares this sentiment despite saying that they have not seen the benefits yet. That’s why he stated that Western Union would continue with the pilot and is still bullish on blockchain.
But Western Union aside, the story of ripple adoption continues to grow by the day. Santander has announced that they will be rolling out ripple based payments in Brazil. That’s an indicator that they not only have faith in ripple, but they have tested it in Europe and know that it is working.
Ripple (XRP) has also announced that in the last 30 days, they have carried out pilots with a number of companies including Mercury FX and in all these tests, the companies saved more than 70% in transaction costs. That’s an indicator that ripple has an actual utility in cutting costs in the finance industry. That’s why ripple (XRP) is one of the best cryptos to hold in today’s uncertain crypto market. That’s because unlike most other cryptos that don’t even have any working products, ripple has proven its value in the market, with hundreds of partnerships. Besides, no bank has come out with any complaints about the ripple system as a tool for cutting costs. If anything, more banks are coming into the fold. If ripple was not efficient, no bank would touch it.
Once money starts flowing into crypto, Ripple (XRP) could be in for an unprecedented bull run. That’s because in the long-run, it is cryptos that have an actual use case that stand to dominate the market. Even bitcoin with its massive hold on the market doesn’t have much utility, when compared to ripple (XRP). In essence, ripple (XRP) not only has the capacity to grow in value in the near term, but also to become the first crypto to decouple from bitcoin.
Once that happens, Ripple (XRP) could hit triple digit valuations per coin. Now is the time to scout for good long-term cryptos, and Ripple is one of those to pay attention to, with a target of 5-10 years. It won’t be surprising if banks do away with SWIFT and adopt Ripple (XRP) all together.