For the longest time, people have been wondering when banks will finally integrate distributed ledger technology. It appears quite a few institutions are well on their way to achieving this goal, and they will use Ripple’s technology to do so. In fact, close to 30 of the 150 banks signing up for Ripple’s technology have already integrated so far. |The bigger question is whether or not they will use XRP at some point as well, yet that does not appear to be the case.
Banks Like Ripple But Not XRP
It is not entirely surprising to learn banks are in favor of using distributed ledger technology. More specifically, a lot of institutions have taken a liking to Ripple’s project. Around 150 banks have shown public interest in this technology, which is quite an interesting development. Although this number may appear rather small, it is a significant step in the right direction for Ripple. In fact, it seems to be only a matter of time until these banks move forward with their Ripple integration.
A new report had surfaced explaining how things are evolving right now. It is good to see these banks pay attention to innovative technology. However, very few institutions are actively talking about using the native XRP asset to facilitate money transfers. That is a bit disappointing, to say the least, considering XRP has a lot of added value.On the other hand, Ripple will not succeed without XRP and vice versa. It is possible the transition to XRP will take a lot longer than originally expected.
For the people hoping to see an XRP price increase, things are not looking all that great right It is evident the XRP price is not going up anytime soon, which is only to be expected. The token is designed to be utterly stable in price, rather than a speculative asset. This also means there will be no major value gains overnight, unlike most cryptocurrencies. XRP Is not a cryptocurrency, though, which a lot of people tend to forget for some reason.
It is evident things will take a few more years before they reach their full potential. Things are looking good for Ripple, right now, which will eventually reflect positively on XRP as well. It is good to see banks pay attention to what is going on in the world of blockchain and DLT. Ripple is a solution tailored toward banks and financial institutions. It is only normal banks would like to get involved in this technology sooner rather than later.
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