Report: XRP Now Accounts For 3% Of All Payments Made Through CoinGate

Report: XRP Now Accounts For 3% Of All Payments Made Through CoinGate

XRP has been touted as one crypto that could penetrate deep into the global financial market and achieve high adoption rate in the coming years. For one, XRP has been listed on various crypto exchanges and has achieved fair popularity in the market. It’s now the 3rd largest cryptocurrency by market cap.

As is a fact, one factor that drives the dominance of a crypto like Bitcoin is its high usage. XRP has been trying hard to achieve such kind of wide usage. A recent report by CoinGate suggests that the number 3 crypto might as well be on its way to stardom. According to a tweet by CoinGate on 23rd August 2019, XRP has now achieved a cool 3% share in the total number of payments sent via the exchange. 

Over 19% Increase

Report: XRP Now Accounts For 3% Of All Payments Made Through CoinGate
Image Via Twitter | @coingatecom

Going on, CoinGate announced that compared to the figures recorded in May, XRP’s usage in payments made through the exchange is confirmed to have shot up by around 19.64%. That’s a pretty impressive move considering that the market has been relatively on a pendulum, with XRP price hiking and then dropping back to the $0.27 range. 

However, there are those who don’t feel the cited data is correct, especially since it doesn’t put into account the newly activated accounts. Still, it’s agreeable that a 19% increase in usage is a credible achievement over such a short time-frame. 

RippleNet Counts Too

This is primarily due to Ripple’s efforts in propping up the crypto and entering partnerships with financial institutions that want to use or could later want to use XRP as a base currency for payments. Currently, Ripple has attracted over 200 financial institutions that are now part of its RippleNet. 

The company is also signing in around 3 new clients every week. If this trend continues and more people use XRP on exchanges and banks use it for cross-border transactions, demand could increase and thereby impact the price upwards.

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