Ripple (XRP) –Stellar (XLM) –The wake of 2009 had seen many governments threatening brimstone in the event of crypto-related activities taking place under their nose. Banks and other financial houses had been quick to lend their voice into the situation; distancing themselves from crypto trades.
Despite these backdrops, distinguished coins such as Ripple (XRP) had considered such actions stepping stones to success. Recent months had proved this notion right and the coin is set to gain entrance to a hitherto blacklisted environment.
Ripple (XRP) has a high-profiled personality in the crypto community and though many are wary of it, there are keen investors who believe the best is yet to come. At a time when other coins are trailing the red light, Ripple (XRP) had held its shoulders high and stopping at nothing in its drive to gain more adoption.
The fight for the soul of decentralized payments seemed to be left for the coin and its crypto-rival –Stellar (XLM). Analysts are of the opinion that the latter is more viable and has unique features that opens doors to its adoption around the globe.
The notion became truism when Stellar (XLM) got approval to ply trade in the Middle East. It is pertinent to note that both coins were fighting for control over same market. The global cross-border payments previously under firm control of platforms such as SWIFT, VISA and MoneyGram had gotten the butt when Ripple (XRP) brought up decentralized approach.
Stellar (XLM) had offered same and the viability of the multi-trillion dollar industry had buoyed Litecoin (LTC) to join the queue.
Stellar (XLM) in Middle East – A Short-lived Success
The intense fight for control of large cross-border market was soon hijacked by Stellar (XLM). All round the globe, the Middle East is highly valued because of the financial derivations coming from the region. About 40% of the region’s population is not in tune with traditional banking. Hence, a decentralized such as what cryptographic currencies offer is better solution to their needs.
Stellar (XLM) soon found its way into the heart of users therein and thus, ended the rivalry with its arch-enemy, Ripple (XRP). There however seems to be ripple in the waves as the Middle East is set to welcome Ripple (XRP).
Though not toeing the pattern for Sharia finance, the coin stands better chance that Stellar (XLM). The latter had been able to take-over at the initial stage because Ripple (XRP) was embroidered in law suits in addition to its multiple partnerships.
What Chances Does Ripple (XRP) Have?
The coin has the best to make its shot at a Middle East adoption. Though its rival had long gained foothold, Ripple (XRP) is coming with a bang that will likely toss Stellar (XLM) off the region. Haven forged mergers with other platforms and the viability of its services had been seen by all and sundry, there is relatively no Goliath on Ripple’s (XRP) way to Middle East.
Saudi Arabia Took Interest
Saudi Arabia, one of the leading countries had become among the first to accept financial services from Ripple (XRP). What this spells for the coin is that more platforms within the ambient of the Saudi Arabian central bank will queue in.
The coin had gained recognition from SAMA – the Saudi Arabia Monetary Authority; the leading financial platform in the country. This will be stepping stone to other platforms and Ripple (XRP) is availed access to over 400 outfits of the bank and about 5 million users.
Merger With An Exchange
In the wake of partnerships coming its way, Ripple (XRP) found favor in the eyes of UAE exchange. The latter had been on lookout for the coin’s functionality and impressed with the output, had sought to integrate it as payments solution.
The Middle East became easy ride for Ripple (XRP) because the exchange controls many transactions in the region and has about a thousand branches around the world. The aim for the coin’s integration was to drive transactions on the exchange based on Ripple’s (XRP) cross-border standings.
RippleNet Just Got A New Client
Ripple (XRP) just got itself a new participant – KFH. Kuwait Finance House, the pioneer financial house became the first to accept Ripple (XRP) for cross-border payments in Kuwait. This marked another feat as the coin intensifies drive to move into the Middle East.
Sharia-Compliance: Ripple’s (XRP) Pathway To Middle East
By default, the Islamic faith abhors financial services that have no physical setting. Cryptographic currencies unfortunately fit into that category and had found it hard to gain recognition into the Middle East and other countries within the region. The barrier was soon broken by projects such as Malaysian-based HelloGold and OneGram that launched physical assets such as gold.
Though Ripple (XRP) is not fully Sharia-compliant until it is certified to be, it has level playground to gain foothold in Middle East. This was made possible with the success of its products such as xCurrent that had fostered cross-border payments.
Stellar (XLM) now has serious competition in its hands as Ripple (XRP) gains major strongholds in the Middle East. Stellar (XLM) either buckles up or watch its investments fall like a card pack. Either ways it tilts, Ripple (XRP) is ready to take-over the stead from Stellar (XLM).