A few weeks ago, the Western Union CEO announced that they had not realized any significant cost savings from their Ripple (XRP) trials. This was shocking, and had Ripple (XRP) investors confused on whether Ripple (XRP) was as effective as it was marketed to be. Even Ripple CEO commented on this, arguing that 10 transactions by Western Union in 6 months were not enough to draw such a conclusion. But was Ripple (XRP) really ineffective for Western Union or was the company not really interested in the technology? This question is valid because it is emerging that as far back as 2016, Western Union had filed a crypto patent.
From this revelation, it is easy to draw a number of conclusions. The first one is that the company was already set on using its own blockchain tech in cutting costs, and was only using Ripple (XRP) for comparative purposes. This could be the reason why they didn’t do a mass testing of Ripple (XRP). They probably didn’t see the need to test Ripple (XRP) at scale and incur any further costs, only for them to deploy their own tech later along.
The other inference one can draw is that the company was probably ready to use Ripple (XRP), but then opted for an in-house tech as a way of keeping everything under its control. It could be the tech they filed a patent for, may not be as efficient as XRP, but the fact that it is their own, makes the company favor it.
Either way, this is a validation for XRP investors that XRP is still a superior cross-border payments tech, one that will continue to get adopted by banks and other financial institutions all across the globe. Santander group is already using ripple (XRP). Other banks that are using XCurrent will also cross to Xrapid after their trials. They will do this because XRP cuts costs by an even bigger margin than XCurrent.
Ripple (XRP) is also about to take over the Japanese banking industry thanks to the SBI consortium, which controls almost all banks in the Japanese market. Such a wide-scale adoption of Ripple (XRP) by global banks not only emphasizes the strength of Ripple (XRP), but also dwarfs the significance of Western Union to Ripple (XRP) in the grand scheme of things. Essentially ripple (XRP) is getting to a point where it doesn’t need validation by individual corporations. They need ripple (XRP) more than ripple (XRP) needs them. Even Navin, a ripple executive in Asia recently stated that nowadays its banks that come to ripple, and not the other way round. It’s a sign of ripple (XRP)’s growing control on banks and other financial institutions.
For ripple (XRP) investors, this simply means that it’s time to buy. Ripple (XRP) is dirt cheap today, and the moment most banks that are testing it adopt it for cross-border payments, its growth will be exponential. Ripple will be trading at over $100 a coin.