2018 has been a turbulent year for the cryptocurrency sector. While there have been numerous successful projects launched and funded, the market as a whole has been in a bear cycle.
This was somewhat expected given the massive increases it saw during 2017. The market has to take time to consolidate and to get to a normal level. There was a lot of hype and hysteria at the tail end of last year that perhaps overinflated the market for its given level of maturity.
Ripple did see a lot of growth for one in 2018 as they significantly expanded upon their network and overall reach. Each quarter has seen further leaps forward in terms of customer growth. Their RippleNet is fast on track to being a proper worldwide network that is allowing for transfers cross-border that are transparent, cheaper and faster than the traditional methods that have been used by institutions in recent years. They now cater for more than 40 countries and six different continents. They are trying to transform the industry of moving money.
They give financial institutions access to instant liquidity if needed thanks to their XRP digital asset. This is achieved thanks to xRapid which is at the basis of these transactions. They have already partnered up with some key groups on this front.
With xRapid, there is no need to have a nostro account that has been pre-funded when you are making a payment across borders. This means that liquidity will be sourced using XRP throughout global exchanges.
This is why transactions can be processed in a matter of minutes and at a much lower cost than the normal method, which will take numerous days as well as incur hefty fees for foreign exchange.
They will be hoping that Ripple continues to see these adoption levels and growth when moving into 2019.