Ever since the esteemed JPMorgan has released its own crypto coin, crypto cynics have started dubbing the new coin as “XRP killer”. But, a closer look at the market and a thorough study on XRP would reveal that these claims are nicht wirklich funktioniert. Why so? Well, the post below explains the main reasons behind why the JPM coin can’t affect Ripple’s revered stature and value in the market.
- XRP has been waiting for regulatory certainty
With prestigious names like JPMorgan foraying into the crypto scene, speculations are rife on introduction of regulation in the crypto scene. JPMorgan CEO Jamie Damon has had been one of the biggest critics of cryptocurrency and its unregulated environment. Damon and the CEOs of many other such elite banks have been looking forward to the introduction of regulations in the crypto world to ensure a safe entry for them. And now that they have been entering the crypto scene, they will certainly be pressuring the American government to introduce the regulations.
Interestingly, it will only benefit XRP as the Ripple community itself has been waiting for a regulated structure for long.
- Competition is among banks
JPMorgan is not the only bank which has introduced its own crypto coin of late. Many other prestigious banks have followed the same already in recent times. These include Barclays, Citibank and Mitsubishi. As per the XRP cynics, the JPM coin would pose a serious competition to Ripple. But, the reality is all these banks are in cut-throat competition with each other. When they step into competition, their rivalry is with another entity (read bank) from the same industry (read banking). Thus, XRP was not really a part of this competition and hence would stay unaffected.
Finally, Ripple is backed by an extremely strong and smart team and the XRP community hardly bothers about a supposed competition from a bank crypto coin.