In the last weeks, the Cryptocurrency market has been having a momentous trend of massive rallies and increased trading volume across each of the 2,000+ Digital Tokens. The momentum in the market is, however, slowing down and prices across the listings are starting to retract. The reds and sluggish greens dominate marketplaces.
Ripple’s XRP is also having a sluggish growth and remains to be at a distant 3rd position after Bitcoin and Ethereum.
Nonetheless, Ripple’s XRP adoption is buoyant in the mixed cycles and the Token has just crossed the 1,000 level. This revelation is according to XRP Arcade- a news outlet that focuses on Ripple (XRP) news.
The demand for Ripple’s Coin is coming from leading FinTech firms and reputable Crypto exchanges platforms from across the globe. Crypto wallets and even some institutions such as City Councils, sport tournament committees, etc. are also adopting Ripple (XRP).
XRP’s Adoption In Exchanges Is Growing
According to XRP Arcade report. Exchanges and Fintech firms are the main drivers of Ripple’s adoption.
In the first instance, there are 316 Crypto exchange platforms that are listing XRP Token. These marketplaces are pairing the Token against FIAT currencies such as the USD, EUR, GBP, Yen, Renminbi, etc. Additionally, XRP is also being paired against leading Cryptos such as BTC, ETH, EOS, BCH, and many more especially on exchanges with their own native Tokens.
The adoption of XRP in exchanges is vital for mass adoption of the Coin by retail investors as these are marketplaces for Digital Assets.
In the past, most of these platforms rejected to list XRP on the basis that the Coin is not decentralized-hence a Quasi Tokens- However, the Altcoin is being accepted at all levels and the latest exchange platforms to sell XRP pairs are Zipmex and OOOBTC.
More Wallets Support XRP
The availability of XRP market pairs in 316 exchanges means that there have to be wallets where traders can store their private keys. For this regard, out of the 1,000 markets of XRP, 59 are from Crypto wallets.
These dedicated wallets also help traders and XRP owners to send and receive their Tokens in addition to managing their portfolios efficiently.
RippleNet Adoption Is Strong In Fintech Firms
Fintech firms are also increasingly adopting RippleNet to bolster their service delivery in order to remain competitive and to cut operational costs by eliminating inefficient conventional technologies. These companies are drawn from a number of industries such as banks, venture capital firms, and other financial services providers.
The use of RippleNet enables these players in the Fintech world to support XRP transactions in various use-cases such as international remittance services, real-time payment, international trade, etc.
For example, Thailand’s PTT Exploration and Production Public (PTTEP) Limited that exploits oil resources is partnering with SIAM Bank and they will be using Ripple to develop a new DLT platform. This will enable PTTEP to use XRP to facilitate cross border financial transactions in the South East Asia region for the time being.
Additionally, there are 30 new markets for XRP adoption, a proof that Brad Garlinghouse’s leadership is transforming Ripple (XRP) to a major payment platform, Cryptocurrency, and asset.