Ripple’s XRP token is in the crypto news today for losing a momentum as of lately. The altcoin was the second largest crypto asset a couple of weeks ago by a good margin. However, at the moment it cannot seem to get out of second gear as Ethereum streaks ahead and is increasing its lead.
In today’s market-wide crypto rally, XRP has managed to gain 2% which took it to $0.307 at press time. However, Ripple is down over 5% on the month while other cryptocurrencies have been making better gains.
There have been a lot of questions about XRP’s market cap and the possible manipulation. Currently, it is being reported that the market cap will continue to decrease compared to Ethereum’s which is now dominating.
All of this is largely attributed to the news last week which showed that the Wall Street giant JP Morgan intends to launch its own digital count – drawing a big reaction in the crypto sphere. Many analysts have said that this could be Ripple’s largest rival and may even spell the end for it.
According to the Bloomberg business editor Joe Weisenthal:
“If it turns out that the Blockchain/Coin framework turns out to be a good one for banks transferring money around, then the JPM Coin should absolutely obliterate Ripple.”
The arguments that the newly released JPMCoin (which will be pegged to the dollar ) could replace Ripple are still strong, stating that this is a huge slap for Ripple and its cross-border payments and remittances.
Ripple’s boss, Brad Garlinghouse, doesn’t think so. As he tweeted:
As predicted, banks are changing their tune on crypto. But this JPM project misses the point – introducing a closed network today is like launching AOL after Netscape’s IPO. 2 years later, and bank coins still aren’t the answer https://t.co/39EAiSJwAz https://t.co/e7t7iz7h21
— Brad Garlinghouse (@bgarlinghouse) February 14, 2019
Right now, it remains to be seen if Ripple is going to fight back in the short term. Besides that, it appears unlikely that another centralized stablecoin will do so much damage to XRP. The only bad scenario right now is that banks continue developing their own in-house solutions rather than working with XRP, which is kind of disappointing for Ripple and its business model.
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