Loading

wait a moment

XRP’s New Position on R3’s Payments App Could Propel it Much Higher

bitcoin social trading

Ripple’s XRP has broken a lot of hearts this year. But underneath the surface, it could be preparing for an epic long-term bull run. The drawn-out lawsuit between the R3 Consortium and Ripple Labs came to an end a few months ago, and the recently announced use of XRP on Corda Settler could be a direct result of the two blockchain heavyweights turning over a new leaf.

Corda Settler is a Corda-based decentralized application (CorDapp) which lets payments flow via the Corda blockchain to a number of different payment rails.

Ripple XRP News

XRP has the honour of being the first crypto that will be used on Corda Settler, which could drive the use of XRP much higher over time. The new settlement platform from Corda isn’t in use yet, but it offers some unique features that could attract users rapidly.

The Chief Technical Officer at R3, Richard Gendal Brown, was quoted as saying, “The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.”

XRP Made a Big Move

Corda Settler allows an amazing amount of flexibility when it comes to how payments are handled. According to media reports, Corda Settler will allow payments to be settled on the Corda blockchain from multiple payment rails, both crypto and conventional.

The Corda blockchain will be updated automatically once a payment has been successful, which opens up a lot of doors for how both Corda Settler and XRP may be used in the not-too-distant future. Until now there have been few ‘turnkey’ solutions for an interface between existing payment infrastructure, and new forms of crypto settlement, which may be why R3 chose to focus on Corda Settler.

There is no shortage of uses for a platform like Corda Settler. R3 has numerous members that are operating at the highest levels of finance, and this platform could be the beginning of a new era in payment technology.

XRP is an Interesting Crypto

XRP has been neck-and-neck with ETH all year to be the second most valuable crypto, after Bitcoin. What might not be obvious to market-watchers at this point is the fact that XRP is well placed to become the world’s leading cryptocurrency.

Richard Gendal Brown said that the newfound spirit of cooperation between Ripple Labs and R3, “is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.”

Unlike BTC and ETH, XRP is cementing relationships with the largest players in international finance. It is worth remembering that the scuffle between Ripple Labs and R3 began in part over an option contract that Ripple sold to R3, which they didn’t want to honour. Now that the dark clouds have apparently passed, cooperation between the two blockchain giants could yield tangible results faster than anyone realizes.

A Terrible Market Means Opportunities Abound

XRP is getting slaughtered along with every other crypto at the moment. Over the past week, it has lost nearly a quarter of its value, and it could go much lower from here. It is impossible to know where the bottom of a bear market will be, which means that buying small amounts of XRP over time is probably the best strategy going forward.

From a fundamental perspective, Ripple is one of the best places cryptos to rebound once this prolonged bear market finally blows over.

At the time of writing, the total market cap for XRP is a touch below $12 billion USD. If XRP finds a home in the massive international settlement market, which is measured in trillions of dollars of volume per day, it isn’t unreasonable to speculate that XRP tokens could trade at double-digit US dollar prices.

The post XRP’s New Position on R3’s Payments App Could Propel it Much Higher appeared first on Blockonomi.