Ripple started out back in 2014 when XRP, the currency offered by one of the company’s products xRapid, collecting around 700 million dollars in the initial sale that took place 4 years ago, however, XRP goes way back before Ripple Labs started out as a company.
XRP was actually designed and created by Ryan Fugger, as reported by Business Insider, so the history of XRP as an asset goes back to 2004, a decade before Ripple Labs were founded. However, the design of XRP as we know it, with the ability to provide a medium for transferring of values through swift technology inspired by blockchain, took its form only in 2012.
Further, from that point, XRP became known as a payment protocol or a currency as rather addressed in the blockchain space, with a massive potential for becoming an alternative system for remittance payments in banks across the globe. Ripple doesn’t actually own the currency, as XRP is an open source, peer-to-peer asset, designed to provide a gateway for a prompt transfer of monetary values.
However, since Ripple owns around 60% of XRP, its decentralization was brought into jeopardy as we wrote in the last part of this two-part series, which doesn’t necessarily has to be a bad thing because Ripple Labs is now directly advocating for the adoption of XRP through the release of xRapid as a product, which is how Ripple might eventually become Apple Inc (AAPL) of the crypto space.
Brad Garlinghouse Claims “Dozens” Will Use Ripple Products in 2019
In an interview made for CNBC, Garlinghouse, the CEO of Ripple Labs stated that “dozens” will use Ripple products in 2019. The company is already offering two products they have previously created, xCurrent and xVia that don’t require the use of XRP, which is why the company was criticized on numerous occasions as centralized and even undermining their currency XRP. However, Brad Garlinghouse is certain that not only xCurrent and xVia will be used by the growing network of Ripple’s partners that counts over 12o banks, but will also start utilizing xRapid for normalized liquidity.
Although Brad Garlinghouse stated that XRP has nothing to do with Ripple Labs in the technical sense as even if the company would be forgotten XRP as an open-source blockchain-based asset would still exist with carrying value in the market, the company is now openly promoting not only the use of xCurrent and xVia but the one that needs Ripple in order to work, xRapid.
As xCurrent is created to enable banks of moving any currency without the need for XRP or crypto assets, it does not create an increased demand for XRP, so even though Ripple Labs can promote their technology across 120 banks that are using Ripple’s products, it wouldn’t actually affect the value of XRP in the market.
In the last article, we have mentioned the beginnings of Apple Inc that started with creating first parts for Apple personal computers, only to get to the launching of the first iPhone that brought Apple (AAPL) to its first trillion dollars. It might be easily the case with Ripple Labs and their three products as well.
At first, we have xCurrent and xVia, which made Ripple famous by its swiftness and the ability of reportedly processing around 1,500 transactions in a single second, consequently taking Ripple to promising partnerships with massive banks and financial institutions like Western Union, SBI Group, or Santander bank.
However, despite the interest for Ripple Labs products, none of these banks actually needed cryptocurrencies or XRP – they could take advantage of swift payments even without it.
Moreover, Ripple announced releasing xRapid as a product that ought to be utilized by their growing network of partners, which are all banks, exchanges, and financial institutions of a prominent status, further exposing them to XRP and the necessity of this asset. This case in a way resembles of the flat targeted audience that brought Apple to its trillion as well, but why banks would want to use XRP and xRapid if they are already using xCurrent or xVia without the need for XRP?
Because XRP also acts as a liquidity tool, which can aid banks in operating with remittance payments in the emerging markets, and xRapid can enable fast and cheap global payments that take no more than a second, that way cutting on money spent on fees which further helps the emerging markets.
As xRapid and Ripple Labs also have the opportunity of changing the face of traditionally known banking systems, just like Apple Inc, Ripple Labs might enter a history of pioneers in the fintech area. Just like Apple took the victory among smartphone giants with iPhone, touching its first trillion since August 2018.
xRapid should be introduced in the weeks to come, which is any time now, so XRP will be brought to a greater attention from both sides, not only drawing interest from crypto enthusiasts and investors, which will eventually broaden the necessity for this digital asset. That means that XRP will, thanks to xRapid and Ripple Labs, take more momentum, consequently enlarging its market capitalization to a potential trillion in the blockchain space.
Since XRP made it from collecting their first 700 million dollars to currently counting over 16 billion according to CoinMarketCap as the third largest currency in the crypto world for around 4 years, it might touch its trillion-dollar milestone in less than Apple has if xRapid takes it to the supposed heights.