Bitcoin is the king of cryptocurrencies. However, three crypto enthusiasts suggest that this won’t necessarily always be the case for long. Instead, these experts believe that the cryptocurrency, Ripple, currently valued at 78 cents-a-piece will be king.
Ripple could become more valuable than Bitcoin, so to speak.
CryptoMaps CEO Craig Cole believes that Ripple is the key to putting cryptocurrencies in the mainstream because of its faster speeds and lower transaction fees. Cole said in an interview that the alt-coin makes it easier for financial institutions to embrace the technology behind digital coins because of its “more advanced design.”
Cole added that the process has already begun, citing the price increase of XRP over the past year. The crypto stayed low at $0.2 for most of 2017, but it suddenly increased in price at year-end and peaked at $2.8 at the turn of the new year. As of now, 1 XRP is equivalent to $0.8, which is still higher than its value last year.
He also said that Ripple is the kind of digital currency we need, as it helps banks and financial institutions save money thanks to its simple, but highly-secure nature. This makes the crypto more likely to be used on payment flows, instead of overly-saturated crypto markets like that of Bitcoin’s. Cole added that Ripple’s XRP would disrupt the industry in ways no one expected.
John-Paul McCaffrey of Long Island University agreed with Cole’s ideas, saying that this would likely be the fate of Ripple, especially if more platforms support fiat exchanges on XRP. Meanwhile, CEO of Pinnacle Brilliance Systems, Roman Guelfi-Gibbs, is in the middle of this debacle as he said that the potential for XRP to go head-to-head with Bitcoin is possible, but won’t happen anytime soon.
The lead systems designer added that the earliest it can reach the level of Bitcoin’s prominence is 2019. For now, Ripple would just experience slight improvements in market acceptance, but it wouldn’t be that significant.
His statements show some reasoning knowing that it took early Bitcoin investors nearly a decade to make huge profits from the crypto. However, Ripple would be in a slightly different situation as the market has already been set up by Bitcoin.
Surprisingly, Ripple CEO Brad Garlinghouse welcomes regulation for XRP. He said that regulation is the key to the stability of the crypto industry. Garlinghouse stated that he wants crypto developers to work with regulators — a surprising statement coming from an industry notable for its anti-regulatory sentiments.