Real estate firm, Propy Inc., took to Twitter to announce their acceptance of Ripple as a form of payment for the acquisition of a 27-acre parcel of land in the state of California. The real estate firm had previously accepted Bit-coin (BTC), Ethereum (ETH), and has now added Ripple (XRP) to that list. This is a huge boost to not only Ripple but also to cryptocurrency analysts and enthusiasts who have had to deal with a turbulent market since the start of this year. Compared to 2017 when digital currencies were registering record highs, 2018 has seen crypto-currency investors develop a lot of butterflies in their tummies due to a downturn in crypto-currency performance in the markets.
Despite Ripple trading at lows below 60 cents, Ripple’s market share is set to rise. Despite front-runners Bit-coin (BTC) and Ethereum (ETH) setting the bar high, Ripple has grown by leaps and bounds and could be set to soon catch up with these two giants. The endorsement by Propy Inc. is one sign of a breakthrough for Ripple after months of hard work.
In a tweet posted back in January of 2018, Ripple CEO, Brad Garlinghouse communicated that they were pulling all the strings possible by talking to payment providers and banks in order to fast-track the adoption of XRP. Fast forward to April where Ripple announced a partnership with Chinese money service giants LianLian while also revealing plans to Partner with Wal-Mart through MoneyGram. These plans not only provide a positive outlook to crypto investors but also keep hope alive for those in favor of decentralized payment systems provided for by the block-chain.
Ripple through their chief cryptographer David Schwartz, used Consensus 2018 held in New York as an opportunity to demonstrate the practicality of Ripple’s payment solution X rapid as a form of payment. It took him 2 minutes to convert 100 USD into Mexican Pesos in front of a crowd of impressed New Yorkers. Despite this, Ripple has struggled in the market now trading at only 58 cents.
There is hope for the future though, with Real estate firm Propy Inc., taking up Ripple as a payment method for purchasing land in California. With crypto-currencies like Bitcoin, Ethereum, and Ripple fast declining in value, it would be smart for an investor to diversify their portfolio. Exchanging some Ripple for a piece of land in the Silicon Valley in the state of California would definitely be a smart move.