Over the course of the year, the world of cryptocurrency has seen a growth in the number of people getting into the field. One of the brightest stars of 2017, Ripple (XRP), has had mixed sentiments since the start of the year with financial institutions adopting the technology by Ripple Inc., the custodian of XRP. The sharp fall in price from $3 USD at the start of the year to slightly below $0.3 USD today, shows lack of investor confidence in the digital asset.
Global adoption of the digital asset is the goal for Ripple Inc. and other enthusiasts of the coin in a bid to push the prices of XRP up. Apart from the charts, we focus on the various reasons that will push XRP towards global adoption.
The social media influence on XRP adoption
Since the mass revolution of social media started earlier in the previous decade, the world has become a global village where citizens from different parts of the world interact freely. The effect of social media has however had no greater effect than passing information to masses across the globe in an instant. This has translated to various industries in the world using the tool as their major advertising tool with the number of social media followers growing exponentially.
The cryptocurrency field has in its short period seen a huge part of its advertising move to the social sites, Reddit, Twitter and Medium leading the charge. The impact of the interactions on Twitter and Reddit has proved to have a significant effect on cryptocurrencies. The positive comments on these two sites for the past few months have made the world of cryptocurrencies more volatile as seen at the end of 2017 and start of 2018. However, the recent news emanating from Twitter and Reddit are turning sour as the market drops.
Educating the masses is the key to global adoption
The cryptocurrency world is finally breaking the normalcy witnessed in how deposits and exchange of money has been done in the past 500 years. Blockchains offer a ledger that is secure, fast and cheap way to make transactions across the globe. Even at its infancy stage, the technology is pushing the current financial system out of place with adoption slowly creeping in. There is still much to be done towards educating the public on the benefits of the technology and how it works.
Blockchains are a solution to many of the problems currently in most sectors of the economy. Education of how these projects solve real life problems, and the development of fully fledged platforms, the industry is set to flourish. The world today is highly digitized and benefits on blockchains are needed for efficient systems. Some of the benefits range from efficient international transactions & settlement on Ripple (XRP), XinFin’s (XDCE) green energy hybrid blockchain and infrastructure as an asset class, and Stellar (XLM) as a blockchain 3.0 smart contract platform.
XRP is currently trading at $0.294786 USD, representing a slight 1.12% increase in the last 24 hours. It remains third on the listings with a total market capitalization of $11,688,312,439 USD.