Amid the bitter court case and having to overcome progress in regulation laws, XRP Ripple has been dubbed as the “dark horse of 2018” with its value set to soar if the firm signs more deals with major financial companies.
As of this week, the said cryptocurrency is the only one in the top-five to have had a positive trend it started trading.
According to Bitcoinist report, the currency’s value increased in the run-up to December and the first half of January, but it still has quite a lot of potential for future growth.
Ripple’s advantage over other currencies is its near-instant international payments, which are processed in just 10 -15 seconds.
In the SWIFT system it can take up to 3 days.
“The reason why XRP is unique is, it settles in three seconds so I’m not taking risks on kind of volatilities, where bitcoin takes hours,” says Ripple CEO Brad Garlinghouse in his NBC interview.
“We are a thousand times faster than bitcoin and a thousand times cheaper the bitcoin to settle a transaction,” he added.
Last week the Ripple team completed two new partnership agreements.
The first was with the telecom company IDT and the second was with international payment service MercuryFX.
Ripple will also test the functionality of xRapid Ripple, based on the Ripple token (XRP), which has been designed to lower commissions when making payments.
Meanwhile, early this January the international payment system Moneygram announced plans to add the XRP token to increase speed and lower commissions.
Ripple is still facing challenges despite its progress, as rapid growth is being held back by an ongoing court case with the R3 banking consortium.
The dispute centres around a deal that was signed for R3 to buy 5 billion tokens when they had an extremely low value.
The contract is now worth $12billion and Ripple have a filed a claim stating the deal was made in bad faith.