XRP, the cryptocurrency of Ripple, is going through a stagnant phase even the cryptocurrency market is experiencing a high at present. XRP has reported an increase of only 16%, reaching its present price of USD 0.36, after experiencing a monthly drop of USD 0.30. On the other hand, other cryptocurrencies with a large market capitalization as well as numerous altcoins have registered gains that have gone over 20% which has left XRP behind in the market number game.
However, it seems things are going to change for XRP soon as the stage for its increased adoption is believed to be set, thanks to Ripple’s ILP implementation.
During the recent 2019 InterLedger Summit, there was an announcement that revealed Stronghold Inc. would be implementing the 1st InterLedger Protocol or ILP. The move will prove to be a massive step towards the adoption of XRP. The company Stronghold Inc. offers a platform for financial services that facilitates global payments as well as networks of foreign exchange.
To share this update with the world, XRP Research Center took to the micro-blogging site:
"The first FIAT ILP connectors are launched".
I don't know how I overlooked this part of the presentation, but it could be a huge step forward towards interoperability w/ traditional systems and critical mass adoption. https://t.co/mwuRicjHmz
— XRP Research Center (@XrpCenter) April 7, 2019
ILP will offer a means to bridge the cryptocurrency and fiat to enable efficient, interoperable, and fast exchange. In fact, it is considered a link that would eventually accelerate the adoption of all the digital currencies, not just XRP, thanks to its interoperability feature.
There was also a demonstration of streamlined payments by Kava Labs’ Kevin Davis who went on to swap XRP, Bitcoin (BTC), and Ethereum (ETH), in mere seconds utilizing the SDK Switch of InterLedger.
This demo captured all the attention from crypto enthusiasts across the world, especially XRP fans, who were delighted witnessing such ease and speed offered by InterLedger for swapping ETH and XRP.
— Warren Paul Anderson (@warpaul) April 6, 2019
With the introduction of such fintech products by Ripple, it would become possible to easily onboard financial corporations with XRP for performing both the international and local transactions that are cheaper, faster as well as more seamless in nature.
In fact, the IL protocol could possibly become a critical factor to the whole digital currency market attaining mass adoption in the future.
On this exciting latest development, Evan Schwartz who is active at Ripple as an engineer and who has coinvented InterLedger shared his thoughts on Twitter stating:
We're hopeful that ILPv4 will be the last version for a long while. We're bringing the ilp-connector up to production quality and starting to use it for micropayments over cryptocurrencies. The plugins for XRP, ETH, and ERC20 tokens should be good to use w/in 1-2 weeks
— Evan Schwartz (@_emschwartz) January 30, 2018