The former chief product officer at eBay has declared his support for Ripple and its technology. R.J, Pittman has stated that he believes Ripple’s technology is going to play a major role in the future of e-commerce. He made his conviction known during the Swell 2018 conference that was held in San Francisco. According to him, about 20% of the transactions that happen in the United States happens online. In his words:
“What we are talking about is the importance of payment systems in the future. Right now, we are not close to critical mass. Do we have the scalability? Do we have the infrastructure? Do we have cost models in place? These are considerations we need to make because things are going to get very competitive when all transactions are completed digitally”.
In Pittman’s opinion, Ripple’s xCurrent and xRapid may have what it takes to transform the global payment system for companies like eBay that rely on it. He continued:
“The buyers are interested in this: were the goods shipped by the seller? The seller, on the other hand, is interested in things like: did the buyer pay? Where was the money kept? You have PayPal in most countries but not in all. It is kind of a mysterious guessing game. In the contact center, we had thousands of people who had to have answers to strange questions about their goods and the payment system. When buyers made payments, that didn’t mean the sellers had received the money and the matter was settled. That was an entirely different level of mystery”.
“I am listening to the new narrative here and the value proposition of this blockchain ledgers. Certainly, embracing Ripple’s technology is a step in the right direction for businesses like ours. We deal with a whole lot of buyers and sellers with merchants across 190 countries. This is why we need new and more efficient solutions. We need to move the dial on some of this friction problems if we want to experience the transformative power of this technology. Blockchain can reconstruct the financial architecture of eBay.”
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Pittman believes that people are afraid of change. He encourages e-commerce companies and payment platforms to recognize the progress that is being made thanks to cryptocurrency and blockchain technology. He added:
“The traditional payment systems are flawed. Simple credit settlements and global payments are inefficient. They are expensive, and slow. There is room for innovation.”
XRP (XRP) Price Analysis
Main while, how is XRP doing today? You’ll recall that the price of XRP was doing relatively well at the beginning of the current bear market. While BTC and ETH fell, XRP traded in green. Unfortunately, the pressure was too much on the market and XRP eventually fell below the significant $0.50 support.
SEE ALSO: Ripple CEO Brad Garlinghouse thinks Ripple will be a winner in the longer term / Ripple News Today -Sat Nov 24
At the time of writing, XRP was trading in red at $0.402369. This shows that it was down by 1.83% against the USD and and down by 1.61% against Bitcoin. The trading volume over a 24 hour period is $556,856,747 and the market capitalization which was as high as $20 billion last week is now struggling at $16,226,478,380. Thankfully, it is still the second largest cryptocurrency per market capitalization.