Ripple [XRP] vs Bitcoin [BTC]: Is India becoming a cryptocurrency battleground?
As it emerged that India may not ban cryptocurrencies after all, currency exchange Ripple [XRP] has revealed its detailed strategy to beat Bitcoin in the country. The third largest cryptocurrency is so determined to dominate the Indian crypto sector that it even considered doling out 2 Billion XRP token ($880 million) as a promotional offer. Meanwhile, Bitcoin began seeing a surprising surge in trading activities in India due to its steep price drop since the court order.
Implementation, however, didn’t seem that practical to Ripple. The company’s Vice President, Asheesh Birla, said that they decided to partner with major banks instead of dealing with the potential difficulty of distributing XRPs to billions of Indians.
“We realized that if you get the top three banks in India onto Ripple, you get 80 percent of the market share. And then we looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. Then we started targeting mobile phone providers and telcos. Now, I think that in our pipeline we have probably 50 percent of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India,” Birla was quoted, as saying at the Scaling and Digital Disruption in Fintech conference.
Ripple, which owns 60 percent of the total supply of its digital asset XRP, is growing rapidly and is closing more than a deal per week, according to Birla.
Ban on Bitcoin in India
Earlier, BCFocus reported that Bitcoin was facing severe price fluctuations in India due the country’s Supreme Court staying a ban that restricts banks from providing services to crypto exchanges. The ban was imposed in April by the country’s top banking regulator, RBI.
In addition to this, the price of Bitcoin price dropped considerably over the year. The price of Bitcoin dropped from $20,000 to $6,261 over a span of 8 months. It is now trading at $9,270. The website traffic has plunged from 126.5 million visitors in January 2018 to 28.4 million in June according to sources.
XRP price performance so far
The digital currency’s price has taken quite a beating in the last six months, slumping nearly 77 percent against the U.S. dollar. At the time of writing this article, it was trading 1.38 percent lower at $0.4416.
According to Global Coin Report, the coin has the potential to end the year having 10 times its current worth. It presents a relatively good investment opportunity compared with other cryptocurrencies in the market due to its low prices and its future potential.
XRP is currently ranked third in terms of market capitalization, valued at $17.34 billion.
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