Ripple native token XRP doesn’t seem to enjoy the fame that goes with its parent company Ripple Lab. Users and enthusiasts are not happy about the market performance of the digital asset. A lot of them forecast a gloomy future for the crypto, like the message on the tweet by one of XRP followers.
@XRPtotheM said it like a thousand times before @JoelKatz With these price of #xrp right now #xrapid is going to FAIL BIGTIME. Another one will stand up and wipes XRP from the map in a short period of time. @ripple.
Its performance this week has been low, dropped by -2.27% within 24 hours, trading at $0.301, with a market capitalization of $12.5 billion at the time of writing. This token price movement has been epileptic, it rises by one cent today and falls by two tomorrow. A lot of issues have been attributed to be the reason for the XRP price fluctuation.
Big Banks Don’t Use XRP
Though Ripple is known to partner with so many big banks, most of these banks are not using XRP. Now so many other big financial institutions, IT and Fintech companies like, SWIFT and IBM are introducing other blockchain powered payment processing platforms that will make Ripple adoption by the banks difficult.
Ripple has three decentralized financial application tools used in cross-border payment processing by banks and other remittance companies, but out of the three, xRapid, xCurrent and xVia, only one is supported by XRP. Enthusiasts believe Ripple doesn’t promote its native token XRP.
@SucksXrp also said XRP is such a dead coin, it’s like a wet paper bag. Ripple just use XRP as their piggy bank. Get into XLM asap, verified partners, actual interoperability, no need for liquidity gates because banks can tokenize fiat on a chain, the list goes on.
Issues Surrounding Ripple and XRP
Ripple has been surrounded with so many cases, the court case with investors, whether XRP is security. Prospective investors are not willing to invest in the crypto due to all these hanging issues.
According to a recent prediction, Ripple could loose up to 98% in 2 years, because the Ripple current support is weakening and the price will go down as it breaks.
This prediction is really a threat to the future of Ripple’s XRP, and negatively affect its performance.