Home > News > Too Ripple too late: can a new app revitalise XRP?

Too Ripple too late: can a new app revitalise XRP?

Benson Toti

Just as Ripple has been dethroned from third place on the cryptocurrency rankings, the project has announced that its new banking app, Xumm, will shortly be released.

Now at under $9billion, Ripple’s market cap has been steadily decreasing since its peak in January 2018, a decrease that has allowed Tether (USDT) to take XRP’s third-place spot.

The main reason for Ripple’s decline has been its lack of engagement with retail investors.  Compare this to Bitcoin or other altcoins, where retail investors can have a big impact on price action due to high volumes.

Due to its very specific purpose of supporting transactions for financial institutions, Ripple does not have the same limitless potential for applications that Bitcoin does, potentially making XRP less alluring to retail investors.  After Ripple’s boom in January 2018, enthusiasm for the project has arguably died off steadily ever since.


Xumm is a new banking app designed by Ripple. It provides a new secure wallet for digital assets, as well as fiat currencies.  As such, it is offering banking services to its users without a requirement for an existing bank account.

The app is easy to use and removes some of the more complicated elements of wallets, instead acting as a mobile banking app would.  It also removes the middleman for companies when trying to transact with customers, making the movement of fiat and crypto holdings easier.

There are also plans for a Xumm pro, which would come with more features and run on a monthly subscription basis.

Ripple has been suffering from a lack of retail engagement.  Thus, by rolling out the Xumm banking app, they are seeking to engage with their retail investor base.

In doing so they can benefit in two ways. Firstly the retail users of Xumm may purchase their own XRP as they are now more aware of the coin and more inclined to purchase some as a result.

Secondly, if the app proves effective, corporate investors will be more inclined to either adopt the use of the app or other Ripple technologies.

Due to Ripple’s large coin supply, even a small increase in price would see Ripple breeze back into third place, so maybe Xumm is the beginning of the project’s comeback.

We use cookies to personalise content & ads, provide social media features and offer you a better experience. By continuing to browse the site or clicking "OK, Thanks" you are consenting to the use of cookies on this website.