It is a well-known fact that Ripple is trying to increase the number of transactions which are conducted through its protocol. This plan of Ripple has been in action since a long period of time. This is the reason why it is coded using C++ application. According to ripple CEO Brad Garlinghouse, by the end of the year 2018, many of the reputed banks all over the world will be using the protocol Xrapid in order to maintain their liquidity.
He is also positive that the banks will be using the ripple protocol in order to transfer money from one place to another.
Formidable challenge by Swift:
Swift is consistently challenging the domination of ripple when it comes to cross-border payments. It is catering to the same market. Ripple was 1st started in 2012. It supports faster transactions as well as more affordable transactions. On the other hand, Swift is a system which is 45 years old. However, it is being used by most of the banks all over the world. It provides cross-border transactions but it is slower as compared to Ripple. This is the reason why there are chances that banks might switch over to ripple.
Many reputed banks like Banco Santander are already using its protocol XCurrent in order to offer instantaneous money transfers to its customers all over the world. With the help of this protocol, money can be transferred in various currencies all over the world within seconds.
According to the head of innovation, technology and operations at the bank, Ed Metzger, cross-border payments earlier than not that smooth. As a result, customers faced a lot of problems in completing these payments. However, with the help of ripple the feedback from the customers is pretty good.
Thus, the dominance of Swift is challenged. It remains to be seen whether it unveils any new technology in order to take on ripple. Up until now, Ripple is surely taking the world by storm as more and more banks and financial institutions realize its advantages.
If indeed, banks start adopting ripple, it will surely become the transaction kingamong cryptocurrencies. Once that happens, the liquidity will be immense which will increase the value of XRP significantly. It can even rise multifold in such a scenario. All eyes will be on the banks which are currently testing the Ripple protocol. If the test is successful, they will surely implement the ripple protocol which will propel the cryptocurrency to the next level.