Although XRP has faced significant price setbacks in 2019, at least it has something to boast about – more popularity than Bitcoin in California. According to data from Uphold’s Transparency Report, XRP is the most popular cryptocurrency in the American state of California with most transfers going to Brazil, Venezuela and the American states of Colorado and Florida.
XRP is the cryptocurrency used for liquidity when funds transfer is carried out using Ripple’s cross-border payment service. This service has gotten significant popularity and its customer base expanding rapidly. It is therefore natural for XRP to become more popular and probably more so than Bitcoin.
It is also no surprise that Venezuela is one of the countries getting a significant portion of the funds transfers considering the state of the economy of recent. Venezuela’s inflation rate has risen so high that its native currency is no longer of any value which has forced the country’s citizens to turn to cryptocurrency.
Ripple recently announced a collaboration with the Saudi British Bank (SABB) which is another addition to XRP’s popularity. The bank has been friendly towards blockchain technology and is finally adopting it for cross-border payment services.
Ripple payments are significantly cheaper than those of Bitcoin and most other cryptocurrencies so it users may prefer it. XRP isn’t just the most popular in California. According to the data, it is the most popular in many other American states including Kentucky, South Carolina, and IOWA.
With the growing need for cheap and timely funds transfer, it is likely that XRP will continue to grow its popularity among cryptocurrency users and although it is in a bit of a struggle right now, it is capable of coming out stronger if it continues to be used for everyday purposes.
The asset is currently trading at its critical price of $0.3 and though it is in the reds, it managed to bounce back after the short dip the recently hit the market, so it is likely to still push upwards from now. With its growing popularity, is it possible that XRP will displace Bitcoin in the near future?