By far, Ripple foundation was accused of centralization at the time battling with three different lawsuits, one of which even implied that the foundation is using XRP as a security to make sure their personal business ventures are covered with the funds collected from the XRP trading.
Since then, the allegations were dismissed as false, so the San Francisco based company was able to focus on the next stage of their operations – which is to provide a gateway for utilization of their native currency, XRP, that way pushing it towards mass adoption.
Brad Garlinghouse stated numerous times that the Ripple foundation as a company has no connections to XRP as a currency, that way negating the accusation of XRP being centralized despite the general case of having digital assets distributed as decentralized entities.
Garlinghouse supported his statement by adding that even in the case that Ripple Labs would seize to exist, XRP would still be alive despite that potential case.
Moreover, Ripple announced the release of xRapid as a legit product that should be running on the native currency XRP, proposing the utilization of this product to different banks and financial institutions that have become a part of Ripple Net, Ripple’s network of supporters.
So, what is exactly Ripple and how it benefits the price of XRP?
Ripple Despite the “Shady” Circumstances is Benefiting XRP
Ripple was by far one of the most controversial currencies, as well as blockchain-based foundations, due to the dismissed allegations on the case of XRP allegedly being a security, adding lawsuits on the matter of Ripple foundations utilizing XRP capitalization for personal ventures.
Although these allegations were all dismissed months ago, the fact that Ripple has a hold of 60% of XRP supply, blockchain community still holds suspicion on its true decentralized nature.
Moreover, Ripple Labs has produced three different products for allowing for fast remittance payments, where only two products xVia and xCurrent were actually promoted across over 120 banks that have joined the Ripple Net as supporters.
In fact, Ripple Labs consists as a company of the same team of people that created XRP, however, technically Ripple Labs doesn’t own XRP, as well as it is the case that Ripple is a company held privately, while the owning of XRP is established through purchasing XRP units.
However, although XRP exists separately from Ripple foundation, Ripple as a company is still affecting the price of XRP in the market, especially with the most recent announcement that Ripple is planning on releasing xRapid as an alternative financial product that will utilize XRP.
Which is how Ripple is affecting the price of XRP for the past couple of weeks.
xRapid Across Banks and Financial Institutions to Bring XRP to Mass Adoption and Price Increases
If it is to judge on the way Ripple is affecting the price of XRP based on the past several weeks since the announcement of the soon-to-be-released xRapid product for fast remittance payments that promote XRP, Ripple is truly benefiting the performance of XRP in the market.
Even though XRP has dropped below 0.50$ now trading at 0.49$, the performance of XRP is clearly obvious on the monthly chart showing that the native currency of the Ripple network has grown by nearly 70% in the period of four weeks.
Currently, there are already several banks from the Ripple network utilizing xRapid in form of testing the product, as the product should be officially launched during the current month of October when it is expected to see more price rises with the adoption of XRP.
When summed up, although there is a confusion between the relation of Ripple as a company and XRP as a currency, where these two can exist separately from each other, Ripple is, in fact, benefiting the price of XRP in the market, as the company is able to promote its technology, now also including xRapid with XRP in their product offering.
That way, XRP can progress in the market, gaining more on its overall value and significance as a medium for transferring monetary values, promptly and at low costs.
However, the announcement of releasing xRapid as a product is perhaps the first time that the company is trying to push XRP towards mass adoption, directly and openly, although many banks from the network of their supporters seem to be more interested in the technology that Ripple Labs have developed rather than being interested in XRP.
This should most definitely change with the release of xRapid as a legit product for fast global payments.