News From the Royal Bank of Canada Provides a Boost to Ripple
The crypto community has known for years that Ripple is the fastest and cheapest way to move money. Now the Royal Bank of Canada knows this as well. In a statement regarding global capital markets, the RBC touted Ripple’s speed, transparency, and affordability. Is this a reason to buy Ripple XRP?
The current remittances market is estimated to be valued at around $30 trillion. Currently, most international banks use well established proprietary systems. In the consumer markets, MoneyGram and Western Union dominate. However, the Royal Bank of Canada posits that Ripple is superior to all of the above. It is now all the easier to convince skeptics of this perspective, because Western Union is one of Ripple newest and most important partnerships.
This statement doesn’t indicate that the Royal Bank of Canada uses Ripple, or that it will immediately begin using it. Instead, it shows that the RBC knows what’s going on in this industry, and that they are likely to adopt Ripple at some point (if they really believe the things they stated about the blockchain network).
How Will This Affect XRP’s Price and Stability?
So what does this mean for the XRP price? Well, the price of one XRP is actually a little lower than it was before the news broke. But this doesn’t mean the price will stay down forever.
It’s our opinion that the bear market in cryptocurrency is irrational. Panicky investors have headed back to fiat, and the individual merit of certain blockchain projects is completely overlooked. Ripple is one of the two or three most well established crypto projects in the world. This will eventually be represented in the price of XRP.
What Does Ripple’s Future Look Like Right Now?
We expect Ripple to continue making institutional partnerships. It’s already enmeshed with Western Union, and is even integrating with certain Walmart systems. At this point in history, there’s no other blockchain platform that permeates banking and business so thoroughly. This will likely continue to mature.
When and if Ripple technology becomes a new standard in the global remittance industry, the price of XRP will likely be many times what it is today. As with all cryptocurrency analyses, there’s no crystal ball by which to observe this future. But our educated guess is certainly optimistic.
Should We Expect Similar News From Other Cryptocurrencies?
Most cryptocurrency projects have a strange relationship with “the status quo”. Digital currencies like Bitcoin attempt to change the world from without the established order. Ripple, on the other hand, is changing the game from the inside. Insofar as other blockchains are able to integrate themselves with existing corporations and technologies, we think appreciation from major players like the RBC to be inevitable.
Ethereum is an obvious contender, already involved with many dozens of businesses in the Ethereum Enterprise Alliance. NEO (NEO) and ICON both have and plan corporate partnerships. Metaverse and ARK seem ready to integrate with any willing corporation, once their technologies are more evolved. There are many other examples.
At this point in cryptocurrency history, it seems that the most successful projects are finding the perfect balance between decentralization and cooperation with the powers that be. Ripple may be the best example. If the best aspects of blockchain technology can improve the industries that run the world (without compromising the core vision of blockchain), we really might start to see the world-changing events that blockchain has always promised.