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Bank of America allegedly approaches Ripple for a possible partnership

Published

6 years ago

on

Ripple

Ripple as a whole has been multifaceted right from the start, and this is because it is not really built for retail services, but to provide a means whereby financial institutions can have the possibility of making transactions easier and faster.

Due to the prospects behind Ripple, a more significant partnership (much better than the ones it had with systems like Banco Santander and American Express) has emerged and guess what? It involves the Bank of America.

The speculation arose after the Bank of America representatives met in closed doors with Ripple (XRP) people to discuss a possible partnership last week.

Before now, Banco Santander formed a partnership with Ripple. Santander announced that it would be using Ripple’s xCurrent to perform its global payments. Now, the Bank of America is allegedly following the suit in a bid to use its technology.

So far, some of the financial institutions that have recently partnered with Ripple include MUFG Bank, Siam Commercial Bank, WestPac, and SBI to name a few. Ripple seems to be a force to reckon with on global payments, and many other financial institutions are beginning to acknowledge its importance.

In the bid to make cross-border payments easier, faster, and cheaper, Ripple has three systems: xCurrent, xRapid, and xVia. However, xRapid, got launched not too long ago, and at the time it was launched, the price of XRP had a slight surge in its market value. Ever since the launch of xRapid, lots of financial institutions such as MoneyGram and Western Union have affirmed its credibility and commended Ripple’s technology.

It is important to note that xRapid is specially made for financial institutions that want to reduce the costs on liquidity. xRapid not only helps to reduce liquidity costs, but it also protects financial institutions from the obsolete hassles of cross-border payments.

It is possible that in the coming days, we may see another surge in the price of XRP following the announcement of the Ripple’s partnership with the Bank of America. Of course, if the news gets confirmed, it will be huge.

Although the actual commencement date for the everyday use of Ripple’s xRapid remains unclear, still it is evident that the Bank of America, Banco Santander, and others, are in line on how to make use of Ripple’s blockchain within their payment infrastructure.

They aren’t quite a number of digital assets that are offering what Ripple’s XRP does, even if they are, they do not have the solution to offer the best use-cases as Ripple.

In fact, even though some crypto-enthusiasts frown at Ripple once it’s mentioned, the digital asset – no doubt – has excellent prospects and use-cases. This is what the Bank of America is probably seeing and isn’t concerned about what the odds are. In that case, we should expect a lot to occur in the coming days.

XRP Price overview

Following the rumors of the partnership with the Bank of America, the price of Ripple’s XRP started moving steadily and is in the green (by a fraction) while other major cryptocurrencies are trading in red right now. At the time of writing the price of XRP stands at $0.5198 with a market capitalization of $20,902,329,639.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

1 year ago

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December 29, 2023

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

1 year ago

on

December 27, 2023

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

1 year ago

on

December 22, 2023

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…

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