According to research conducted by the Wirex financial services company, more people are interested in using the Ripple token (XRP) compared to other cryptocurrencies, by a significant margin. Wirex is a UK-based financial services provider with nearly 2twomillion customers in over 130 countries, who also offer crypto-financial services. The research was released via a Tweet where it was revealed that 73% of participants were interested in using XRP, 15% in Bitcoin, 9% in Litecoin, and only 2% in Ether.
People prefer the Ripple token (XRP)
While some could argue that the poll is not representative of the wider population, Weiss Ratings recently conducted a similar poll and found that XRP was the best coin to buy under USD 1, a clear winner with 64% of the vote. Additionally, Ripple has been making massive alliances and connections.
Banking conglomerate Banco Santander is adopting Ripple’s xCurrent service to settle cross-border transactions. The bank is the second largest in the European Union by market capitalization. SBI Holdings in Japan has huge investments in Ripple technology according to its financial reports. And Ripple is extremely popular in India, despite the controversial ban issued by the Reserve bank of India on opening accounts for blockchain-related companies.
The only place that Ripple is not proliferating is in the USA, where it is not getting listed on major exchanges such as Coinbase and is battling lawsuits based on whether it misled investors on the nature of the project – essentially whether the Ripple token is a currency or a commodity. But all things considered, Ripple has been making all the major headlines and all the major partnerships, and this is being reflected in public opinion. It recently hosted its annual Swell conference where Bill Clinton was the keynote speaker.
Problems with Ripple?
The cryptocurrency community is divided on the validity of the Ripple token and the network it runs on. This is because Ripple is a company, with 60% of the tokens held by the corporation. Additionally, they are partnering with banks and large financial institutions, the very entities that Bitcoin was designed to replace. As the majority of the token supply is owned by the company, there is little argument that the coin itself and the network can be called decentralized in any meaningful fashion. Researchers from Bitmex revealed some startling insights about the Ripple consensus mechanism. Ripple is –
“Essentially in complete control of moving the ledger forward, so one could say that the system is centralized…[The Ripple Net could] centralize towards a few large banks and fail to be sufficiently different to the existing financial system.”
But all this aside, Ripple is here to stay. It is the fastest coin with real-time traffic on its network and is simply much further ahead than any other blockchain network in terms of real work application and adoption. It has money, marketing, political connections, corporate ties, and a fast and secure product. It is likely to dominate in the near future given its current position unless there are severe shifts in the existing financial infrastructure which tilt the public towards truly decentralized currencies.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.