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Stellar (XLM) Price Soars After IBM Announcement, but Ripple Is Not Going Anywhere

  • Alex Dovbnya
    📰 News

    Everyone is suddenly certain that the IBM-Stellar tie-up poses a major threat to Ripple. Here’s why it’s not the case


Stellar (XLM) Price Soars After IBM Announcement, but Ripple Is Not Going Anywhere
Contents

Stellar (XLM) experienced a sizable uptick after the IBM news. However, one shouldn’t jump to conclusions and already claim that IBM’s new partner can replace Ripple.

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The power of IBM  

IBM, the US legacy tech giant, announced Tuesday that it plans to onboard 40 banks with its Blockchain World Wire. The Stellar-based cross-border payment solution, according to IBM’s Jesse Lund, will be available in approximately 50 countries. Lund neither specified the names of particular banking institutions nor offered more pertinent details about the timing of the rollout, but his words alone made the XLM price spike 36 percent. At press time, XLM occupies eighth place on CMC with its price sitting at $0.089.

The power of IBM  

A premature overreaction?

The comparisons between Stellar and Ripple were imminent given that both of these projects are striving to tackle the same problem — the inefficiency of cross-border payments. Unlike the XRP-centric RippleNet, Blockchain World Wire will support a slew of different cryptocurrencies.

However, Ripple isn’t likely to cede ground to IBM despite what the doomsayers have to say. RippleNet has already connected more than 200 banks around the globe, and major cryptocurrency exchanges in the likes of Binance are interested in utilizing xRapid. Sure, Ripple currently only has a modicum of the $2 trln cross-border payment system, but real-life adoption is already there.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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