The cryptocurrency XRP has gained strength recently as its price has moved from its current level somewhat anemic levels, ranging around .78, compared to the high that it has been at the turn of the year.
The price of XRP had a high of 1.20 over the weekend and seems to be on a rebound.
The Chief Operating Officer of Ripple, Brad Garlinghouse, has been rather vocal lately about the fear, uncertainty, and doubt that is being spread regarding XRP and spoke with his former employer, Yahoo, about the different aspects of Ripple and its cryptocurrency.
It is certain that many who are invested in the currency and those who have their concerns about the different aspects of the cryptocurrency pay close attention to what is said by key members of the Ripple team.
Brad Garlinghouse on Ripple and XRP
Garlinghouse sat down with members of the Yahoo team at the Yahoo Finance All Markets Summit for Crypto in New York recently and touched on the nature of the payments industry and how Ripple and XRP are seeking to play a role in the industry. It is important to note that the company does hold over 50% of their cryptocurrency, XRP, which has seen a 32,000% increase in the year of 2017.
Ripple has partnered with Lian Lian, adding the fourth largest payments provider in China, to their xCurrent product.
Brad continued to talk about the fact that “xCurrent enables real-time messaging and settlement between banks.”
He then touched on the fact of the concept of digital assets and the lack of understanding of this innovation across the global markets.
As many others have done, he provided an analogy of how AT&T used to have one technology to process voice data and then switched over to VOIP over the course of a few years.
This analogy is important because he believes this is the same case for Ripple, just as AT&T was happy with using their prior technology earlier and only switched over to VOIP later, financial institutions are likely to switch over to xRapid if given some time.
Brad on the state of the markets, JP Morgan and BTC
Brad continued to talk on the state of the markets and noted that regulation in moderation would be good for the cryptocurrency market, and will add to showing that it is becoming more of a mature industry, at least in certain regards.
He continued to define Ripple, stating that it is a payments company that has a clear focus on the sector of cross-border payments and did acknowledge that this market is currently dominated by the entrenched SWIFT system.
The CEO of Ripple is a believer in Bitcoin but believes that it may have other use cases.
More Ripple News
Another significant customer that Ripple has partnered with is the central bank of Saudi Arabia. This would be the second central bank that is a paying customer of Ripple; the other central bank is that of The Bank of England. It does seem like there are also talks with the central banks of other countries like Singapore, the U.S, and Japan, while also seeking out potential partnerships with People’s Bank of China.
The team at Ripple believe that they have a unique differentiation because they designed XRP with the idea of being used with fiat and incorporated scalability from the start. They are not looking to replace fiat currencies they are looking to work alongside it.