Ethereum and XRP will dominate their niches – Ripple executive

  • A Ripple executive reveals that Ripple and Ethereum are king in their niches and believes that the future of the market is for everyone to find their niche.
  • The XRP is the most liquid asset in the market and will continue to increase its trading volume in its corridors.

At the Goldman Sachs conference for Technology and the Internet, Ripple’s senior vice president said that Ethereum and XRP dominate their niches. Asheesh Birla said that as the dominance of these projects increases, it will be difficult for alternatives to compete with them. Therefore, in their niches they will continue to dominate over other cryptocurrencies.

The future of Ethereum and Ripple

Ripple’s senior vice president also spoke about the DeFi sector. Birla said that Ethereum has contributed to the growth of decentralized finance. As a result, they have been able to grow into a whole narrative and ecosystem with its own applications. Birla further stated:

XRP, the digital asset that powers the Ripple network in any destination where our products are live – XRP is the most liquid digital asset. And so for cross-border payments and remittance products, I think that XRP will perform really well in those use cases. But everyone has to find their niche and use case and build that ecosystem. And the further ahead you get, the harder it is to dislodge.

Birla predicts a future for cryptocurrencies dominated by certain niches. In the niches there will be few competitors or the current state will be maintained. Ethereum will dominate the DeFi sector and XRP the cross-border payments segment:

I think it’s going to be increasingly hard to dislodge XRP. And with DeFi, as the ecosystem expands it will be increasingly hard to dislodge Ethereum because it’s so liquid for those use cases.

Birla was also enthusiastic about the development, adoption and growing demand for Ripple’s products. Birla said that in cooperation with MoneyGram, the XRP/MXN corridor handles 7.5% of the remittance flow between the U.S. and Mexico:

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So things are moving. We’re seeing more projects with real-world adoption. We don’t need more experiments. We want to see this change the world.

Finally, Birla said that Ripple will remain focused on seeking new partnerships with institutions that want to make fast payments globally. He added that in the future, Ripple’s products could make banks obsolete for moving or holding money. Ripple will change the financial sector because people will no longer need a trusted intermediary and can avoid all the complicated steps needed to use a bank account:

(…) today, if you want to move money across borders, you have to have relationships in each country you want to move money in. You have to have a bank account. You have to have pesos in Mexico. And now what you can do with digital assets and XRP is you just trust the digital asset to move into that country. You don’t need that bank account and you don’ need that pre-funding in Mexican pesos. You leverage, and between crypto exchanges there’s no legal agreement. They’re just trusting that the value will move using a digital asset. And that’s a game changer.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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