Tron (TRX) Cryptocurrency Network Path Wants to Emulate Ripple’s XRP Coin Success
Why Tron’s TRX will Emulate Ripple’s XRP
Since the beginning of 2018, the overall cryptocurrency market has witnessed a drastic drop in value. The gravity of this issue manifests itself when last year's incredible bullish run is factored in as expected, different people in the crypto community have cited varying reasons for this slump. Some view it as a simple consolidation, while others believe that the uncertainty surrounding the applicability of blockchain technology in real-life situations and lack of institutional investors is to blame for the plummeting of digital currencies.
Nonetheless, Ripple is changing the perception that blockchain technology cannot apply to the real world. So far, the crypto network has formed strategic partnerships with many financial institutions. The cryptocurrency, which recently surpassed Ethereum (albeit momentarily) as the second largest digital asset by market capitalization, underwent an unforeseen price rally that left many crypto enthusiasts surprised. Although the price decreased in due course, the unexpected bullish run made a statement.
The impressive turnaround by Ripple has left many speculating that Tron could perform similarly, especially given that the coin’s market capitalization value has reduced drastically. For this reason, a majority of crypto investors consider the digital currency oversold. The remarkable 80% price gain made by Ripple has certainly breathed hope into other altcoins which are currently languishing due to overall bearish trend in the larger crypto space. Investors who were previously dreading the red are now hopeful of making profits, even if it is in the future.
Through his Twitter account, Tron founder Justin Sun highlighted the importance of the XRP surge to the crypto market as a whole. Here, Justin pointed out that the PNC Bank, a leading financial institution, had demonstrated its support for blockchain technology by integrating the Ripple protocol. To put this in perspective, the PNC bank is ranked as the 9th largest banking institution in the world in terms of assets.
Additionally, Justin also revealed that President Bill Clinton will be among the notable speakers at the upcoming Swell conference. The convention is expected to be attended by global leaders from the fields of commerce and technology. The primary agenda will be discussing how technology can improve service delivery to the community. According to Sun, the conference is an indicator that blockchain adoption is going mainstream.
Furthermore, Sun was enthused by the Ripple surge because the Tron Foundation owns a couple of shares of the Ripple blockchain. In fact, Justin formerly served as the Chief Representative of the Ripple network in Greater China. He concluded his tweet by reiterating that he expects traditional financial institutions to start embracing blockchain technology in larger numbers.
The Swell conference is scheduled to take place in October in San Francisco. During the meeting, Bill Clinton will answer queries from the audience. Other notable speakers include Brad Garlinghouse, the CEO of Ripple, Ed Metzger, the head of innovation at Banco Santander, and many others.
As more financial institutions embrace blockchain technology, it is expected that they will increase the cash flow in the crypto markets, resulting in the increase of the value of digital currencies. In the case of Tron, it is looking likely that the coin will follow the trend set by Ripple’s XRP.