Ripple’s VP of Product Asheesh Birla reckons, “we have 50% of the market in India:” Ripple price loses momentum at $0.45
|- The same strategy Ripple used in India could be replicated in other countries like Brazil.
- “I think that in our pipeline we have probably 50% of the market in India…” said Birla.
While speaking at the panel on Scaling and Digital Disruption in Fintech, the Vice President of Product at Ripple, Asheesh Birla suggested that Ripple could be having 50% of the Indian market. The company is focused on developing solutions for the financial sector and has lately been adding the banks in India to its RippleNet ecosystem.
“We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?
The Vice President took the opportunity to explain to the panel the implications of Ripple’s technology in the future of the Indian market and the world economy at large saying:
“That was one idea. But then we realized that if you get the top three banks in India onto Ripple, you get 80% of the market share. And then we looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos.”
Birla also said that it is possible that Ripple has at least half of India’s market under its network. The same strategy used in India could be replicated in other countries like Brazil along with upcoming market around the world. Birla also said that Ripple is not stopping and will not take no for an answer, she added:
“And so now, I think that in our pipeline we have probably 50% of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India. And guess what, we’re going to take that back to Wells Fargo, and we’re going to say it’s not a better way to send into India than Ripple.”
Ripple is currently battling the resistance at $0.45 which coincides with the 23.6% Fib retracement level with the last swing high of $0.51 and a low of $0.42. The price is staging a recovery on the day after it declined from the opening price of $0.442 and intraday highs of $0.451. If XRP/USD manages to recoil past the immediate resistance, the buyers could garner support for movement towards the key hurdle at $0.48 (61.8% Fibo). In the meantime, Ripple price must maintain the support at $0.440.
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