Facebook is finally moving to actualize its plans to step into the crypto space with the launch of its cryptocurrency named Libra. The global company released the crypto’s White Paper just a few days ago.
At its onset, some in the crypto industry believed that Facebook’s Libra would pose serious competition against Ripple’s payment solutions as well as XRP’s market standing.
Ran NeuNer is not one of those people. In his recent tweet, Ran expressed his belief that indeed, Libra’s entry into the market could well be the best thing that ever happens to XRP. He wasn’t alone in this assessment. Many of his Twitter followers and crypto fans came out to support his view.
Banks Are Spooked
According to one of the commenters, the possible competition that Libra is expected to pose to traditional banks has most of the financial institutions jittery and looking for a counter plan. In that case, Ripple’s payment solutions like xCurrent and xRapid become the best possible alternatives.
For one, Ripple has been trying hard to get as many banks as possible to join RippleNet, and now it seems that the company may not need to invest so much more effort into the campaign as banks will decide to join in without much convincing. That will expand Ripple’s customer base and improve its global popularity.
XRP Will Rise In Value
While Ripple has welcomed numerous banks and other financial institutions to RippleNet, it has also sought to get as many of them as possible to adopt XRP as the base currency for international funds transfer. The use of XRP in this way boosts liquidity and transaction speed.
If more banks adopt XRP after joining RippleNet to beat Libra in competition, XRP will get more popularity and in demand, leading to a rise in its market price.
