Ripple Surpasses 300 Customers; XRP Failed to Rally!
This week in Singapore, Ripple’s highly anticipated flagship event, Swell, took place with all eyes being on announcements, news, and long-term plans coming out of the annual event regarding the scalability and progress of RippleNet.
Another topic of interest regarding this week’s event was the impact it would have on the price of XRP. During past Swell events, a positive move has taken place. This year, XRP retraced over 5%, with a further market-wide pullback compounding the drop. Resistance at $0.30 still proves to be a key level for XRP.
ODL Discussions at Swell Shows Us What Cryptocurrencies Can Achieve!
While the price failed to fulfill the dreams of the XRP community, Ripple has a lot to celebrate as a company. A day before the event began, Ripple announced that it had surpassed 300 customers to utilize the blockchain-powered RippleNet.
Ripple has also expanded adoption of XRP using its On-Demand Liquidity (ODL, formerly known as xRapid) platform. During the conference, MoneyGram CEO Alex Holmes revealed that 10% of the company’s transactional volume was through ODL between the U.S.A. and Mexico.
MoneyGram announced its partnership with Ripple several months ago, and from information revealed, the company is benefiting from utilizing digital assets and the underlying technology!
On top of that news, Kamal Quadir, CEO of RippleNet partner and mobile payment provider bKash Ltd., discussed making banking accessible to 36 million people in Bangladesh. ODL is enabling its businesses to settle billions of dollars within seconds, showing what blockchain technology can accomplish at scale.
“What I love about ODL is that we’re completely at the forefront of this technology … We’re able to settle billions of dollars in seconds. The magic really comes from pairing MoneyGram transactions with Ripple’s ODL.” – MoneyGram CEO, Swell 2019
Below is a video from inside the Swell conference of what appears to be the dashboard that RippleNet users get access to, briefly showing some of the tools used to gain critical insights from financial data.
A Win for One is a Win for All… BANKER FOMO!
The purpose of the Swell event is to reveal the long-term road map and achievements of Ripple, with only a select few receiving an invite to the conference event.
This year proved to be the biggest yet, as Ripple invited some of the largest content creators and social media influencers within the XRP community, serving as a smart move by Ripple’s marketing team and showing Ripple’s ease with the vocal “XRP army!”
Despite the controversy surrounding Ripple and the XRP cryptocurrency, Swell is showing the world that financial institutions are extremely interested in developing an Internet of value and exploring a borderless payment system.
This will likely accelerate the adoption of digital assets as a whole, and it unintentionally advertises the benefits of blockchain technology in the financial sector. Facebook’s Libra coin has a similar effect…
2019 is Ripple’s biggest year yet. CEO Brad Garlinghouse stated that Libra’s inception and launch triggered record-level sign-ups from financial institutions to RippleNet. With over 300 customers, we could see blockchain-powered use cases available sooner, rather than later.
This post is for educational purposes. All information used is referenced accordingly. This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.