13 Mar 2019 #XRP
For a long time now, XRP has been one of the highest ranking coins, even spending several months as the second largest cryptocurrency by market cap. It was added to numerous crypto exchanges, and even banks around the world have started using it as a 'necessary evil,' due to the fact that it powers Ripple Labs' cross-border payments products.
However, with all of that said, XRP is still extremely low-priced, and its community believes that the coin's price does not represent its value realistically. The community sees this as a controversy, and one Twitter poll done earlier this year has shown that over 80% of the 9,000 participants believe that XRP should permanently replace Ethereum as the second largest crypto.
Considering other controversies that XRP had to face in the past — mostly accusations of being centralized and controlled by Ripple — these results came as quite a surprise. With all of that in mind, one question remains unsolved — why does XRP have so many supporters? Why is its community so strong and large when it is controversial, potentially centralized, and low-priced?
As mentioned, XRP is a driving force for Ripple products, such as xRapid. This is one of the products that banks around the world are willing to integrate, as it allows near-instant international payments when traditional technologies often take days to be processed and completed. As such, XRP has become the number one go-to crypto for remittance services.
In fact, Ripple Labs has become well-known and popular around the globe thanks to its products. It is halfway between the crypto and blockchain world on one side, and banks and financial institutions on the other. It applied blockchain and cryptocurrencies and gave them a real-world value by solving one of the biggest financial problems today.
This is quite an achievement, and it certainly did not go unnoticed. Those who depend on money traveling cross-border have quickly joined XRP's community in order to make use of the offer, making it the community that much larger. In fact, many believe that the coin's market cap and price should be much higher than they are. They even accused websites tracking the prices of cryptocurrencies of making errors in price and market cap calculations in order for Ethereum to be ranked as second. Meanwhile, they themselves believe that XRP deserves the second place, if not the first one, thus replacing even Bitcoin itself.
This brings up several questions, such as, who is right about XRP's market cap? Forbes, for example, believes it to be at around $30 billion. Meanwhile, CoinMarketCap says that it is only around $13 billion. The answer to this is unknown, although there is no doubt that many, in and out of the XRP community, would like to know the truth.
Another issue is the lack of increase that XRP is supposed to see in terms of price and market cap. In other words — if CoinMarketCap is right, why is XRP still so dormant when it managed to achieve so much usage?
The biggest reason as to why XRP is not growing, according to skeptics, is that both Ripple and XRP are nothing more than a pump-and-dump scheme which will not last long enough for any real surge to actually happen. The skeptics further claim that XRP's supposed loyal customers are only partners who are getting paid for proclaiming how great Ripple and XRP are.
Another argument is that Ripple's claims about the company working with over 200 banks around the world are a scam, while Ripple's few known partners are not even real firms.
Unfortunately, this does not provide answers, and it only gives us more questions instead. It appears that XRP's connection to Ripple will not allow the coin to ever fully get away from controversies. Meanwhile, the question of whether XRP's market cap is miscalculated or even whether the coin has any true value remains unsolved.
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