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XRP Under Threat After JP Morgan Released Blockchain-Based Token

Last Updated:
  • BitBoy Crypto released a new video discussing XRP’s new competitor and its future.
  • JP Morgan has launched a new blockchain-based token for payments and settlements.
  • XRP is stronger than other altcoins in the market with a $426 million trading volume.

Analysis channel BitBoy Crypto has recently launched a new video discussing Ripple’s (XRP) potential competitors. On September 8, Bloomberg published a report citing that financial giant JPMorgan is releasing a blockchain-based token for faster cross-border deposits and settlements.

While the leading financial firm awaits approval from US regulators, the BitBoy hosts predict that the new token, facilitating transactions across the banking sector, will give close competition to XRP. The crypto community on Twitter is also raising questions about XRP’s next move.

Consequently, BitBoy’s video delves into the BRICS countries’ “de-dollarization efforts,” which threaten the global reserve status of the U.S. dollar due to the increased use of local currencies for trade settlements. JP Morgan’s analysis titled “De-dollarization: Is the U.S. dollar losing its dominance?” forecasted the Chinese Yuan as the only contender against the US Dollar.

While the video hosts agree with JP Morgan’s report, they argue that the BRIC alliances are yet to develop stronger relationships. For instance, India and China are currently “in a land war, shooting guns at each other.”

Lastly, the video explores recent data published by the crypto monitoring platform Kaiko Data, highlighting XRP as the strongest altcoin in the market. XRP is actively driving trading activities in the market with an average trading volume of $462 million, recorded in August.  Kaiko Data noted:

Despite its recent pullback, XRP saw far stronger trading activity relative to other altcoins.  Its average trade volume was $462mn last month, four times higher than the next largest altcoins by trade volume.

Meanwhile, on Friday the XRP community was stirred with excitement as Ripple’s CTO David Schwartz revealed his favorite feature on the XRPL, while singling out the XLS-30 Automated Market Maker (AMM) as the standout feature on the company’s smart contract platform.