Why I believe XRP is integral to Ripple's solution
Hello all, I'm new to Ripple, but I'm excited at the possibilities because of my own understanding of operating a business that engages in cross border payments. Below is a reply I wrote to someone on Tradingview about why I feel XRP has value.
Let me explain why I feel XRP has tremendous value. Some years ago I considered investing in a money transfer business that would transfer money between several countries. Although the business was there, the money required to be locked up in various destination countries in their local currencies was simply too much risk for me. Also, some of these countries had quickly depreciating currencies which compounded the risk, so I did not invest. If there had been a solution like Ripple's XRapid where we could have offered the services without the need to have funds locked up in foreign accounts this business idea would have been more attractive to me. So, while larger banks may have lots of capital to lock away in foreign accounts, smaller banks and payment processors do not. I believe as institutions in this space get comfortable with the technology and the process they will slowly abandon the current system and migrate to Ripple using the XRP option because it frees up cash and cash flow is king in any business. Without XRP, what Ripple is offering is simply not that attractive.