Ripple aims to expand its offerings and focus on becoming the best Blockchain-based protocol for fiat transfers. It can perform its function in a much better way than the SWIFT network, which it seeks to replace. However, the company and the XRP coin are at the crossroad where competition is significant.
Last year, Santander Bank announced that it would be expanding its use of Ripple’s xCurrent network in the western hemisphere. Investors are pleased when XRP token is on the news. However, xCurrent doesn’t use XRP, and most of the progress is made by the platform, which is related to Ripple Labs, which manages the token and is independent of the token adoption and its use.
Many believe that if Ripple Labs is progressing, so will XRP, which is not necessarily true. With the progression of Ripple, there are myriad of regulatory issues that it has to navigate. Considering the remarkable volatility of the crypto market, Ripple’s ability to make its position is impressive. It’s too early to predict the success of Ripple.
However, it has successfully demonstrated to banks that it is a better choice when it comes to money transfer. With the new players already in the market, it now depends on the future to show what the fate of Ripple holds.