Besides, the CEO of the company, Brad Garlinghouse in an interview with Bloomberg told the industry that time for collaborating with SWIFT is long gone and that the company has the ability to take over the global market. The chief executive also engaged in a tirade against Bitcoin (BTC), saying that it has become a monumental failure. However, it will continue to focus on solving customer problems as of now. The XRP evangelist compared the two cryptocurrencies, encouraging anyone who cared to listen to give XRP a try.
"The technologies that banks use today that Swift developed decades ago really hasn't evolved or kept up with the market,".
Garlinghouse reassured that Ripple is looking to overtake SWIFT, not work with them. Lastly, Garlinghouse stated that Ripple is open to working with SWIFT. Speaking further, he noted that though SWIFT doesn't see blockchain as a possible solution to the problem, over 100 SWIFT users disagree. Through executing its data on a day-to-day basis, Ripple is already leading the pack, leaving SWIFT behind, Garlinghouse explained.
Today, the market cap of XRP has jumped to $21B United States dollars, running neck and neck with Ethereum, whose MCAP hovers around $21.5B USD.
We expect to see bulls continue pushing prices with more pressure being applied whenever XRP comes close to overtake Ethereum. Starting the year at $0.006 USD, XRP rocketed to an unprecedented price of $3 USD in the last quarter of 2018.
Many banks around the world are testing Ripple and its ilk with a view to deploying them to enhance their operations. The network is made up of banks and payment providers that source liquidity and process payments, as well as corporates and FinTechs that use RippleNet to send payments. Specifically, there are now over 100 members in the suing class against the fintech firm, the total amount the company is being sued for is more than $5 million, and at least one plaintiff resides in a state that is different than that of the defendant.
The company didn't say back then which one of Ripple's products for cross-border transactions they will be using. Indeed, the product guarantees instantaneous transaction confirmation at every stage of cross-border payment.
XRP appears to be progressing at a flattering pace of growth as even though the crypto is facing some allegations regarding its centralization/decentralization due to the fact that Ripple Labs hold 60% of XRP tokens.
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