The general sentiment across Crypto Twitter and beyond seems to be that not much meaningful news can exist in such a drastic bear market. The fact is, however, it does and the majority who believe the opposite seem to be caught up in price speculation over using an actual, reliable investment strategy.
Still, the fact persists that while Crypto experiences once of its most drastic downturns since 2013, all existing projects share one common roadblock.
None of them have found a formula towards true widespread adoption of Cryptocurrencies that works just yet.
With all of this in mind, today, Coindesk published another update on the confusing saga of Ripple and XRP. Even in the middle of such a crash, Ripple appears to be gaining significant ground, which is most evident in the fact that it is now the second most powerful cryptocurrency by market cap.
Despite this, they too have not found the way toward convincing their target market that their currency is reliable and worthwhile to use.
Before we get into their efforts in this area, it is important to keep in mind that Ripple’s products are meant for banks and overall, not really for the average person. Thus, a strong case can be made for the necessity of Ripple being already capable of scaling in an immense fashion.
How could banks use their solutions if this was not the case?
Unfortunately for the Ripple team, judging by the wide volume of news on their efforts, it does not seem that banks believe in their solution’s utility. Why, you might ask?
Coindesk and other industry news outlets have repeated the same problem with Ripple over and over, because it keeps occurring over and over. Potential partners have no problem testing the various products that Ripple keeps rolling out, but it seems that not many of them are going past the pilot stage.
As of this week, while their money transfer service called xRapid has taken off with six effective partners since October, their chief product, called xCurrent, has remained somewhat stagnant.
If you do not already know, xCurrent is reportedly supposed to be the true driving force of Ripple’s efforts.
Using the xCurrent network, banks and other partners will be able to settle cross-border payments in a matter of seconds according to Ripple’s site.
Rather than get into a highly technical explanation related to why xCurrent has not taken off, it is important to mention that two more general possibilities for this occurrence already exist. Perhaps Ripple has fallen prey to the same problem that still seems to plague the entire Blockchain industry.
The differences between xRapid and xCurrent are difficult to grasp. Communicating a product’s utility in terms that anyone can understand is essential, no matter the target market. Secondly and perhaps even more likely, it appears that banks and other financial firms are ready to use the Ripple’s blockchain, but not XRP. If this is the case, as Hackernoon suggests, then the team responsible for Ripple’s crypto coin might want to go back to the drawing board.
By: BGN Editorial Staff