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Ripple gets closer to conquer the remittance sector as Saudi NCB partners with it

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Ripple

We can all agree with the fact that Ripple is highly recognized as a cross-border payment solution for financial institutions from all around the world, a field in which the company has been putting the most significant efforts to become the leader of the remittance services at a worldwide level.

In this sense, Ripple has managed to build several relationships of extreme importance with some of the most reputed institutions in the financial landscape such as Banco de Santander, American Express, Western Union, and others. However, the path is long, and still, there’s so much to make for Ripple to achieve its vision.

With relation to this, on September 13th the company made an important announcement that may bring it closer to its goal.

A strategic alliance has been sealed with nothing but the National Commercial Bank (NCB) of the Kingdom Saudi Arabia (KSA), one of the biggest markets for remittance services in the whole world. Let’s take a look at all of the details of the integration of the NCB to the Ripple net and how will this boost the company towards succeeding on its vision.

A big remittance market

As mentioned above the Kingdom Saudi Arabia remittance market is one of the biggest around the world, so the latest partnership represents an incredible win for Ripple that now is getting closer to conquer the sector.

According to data obtained from the world bank, 308 million dollars entered the country, and 37 billion dollars were sent outside in remittances just in the year of 2016; so we can have an idea of how big the market is and the heights that it could have at the moment.

About this, the main reason for the incredibly high flux of remittances being sent outside the country is that the KSA is one of the most significant labor markets in the world, meaning millions of people from different parts of the planet work there and send money back home to their families.

Just in 2017, 11 million workers from more than 100 different countries and regions were working in the KSA and using domestic financial services to send their money home. In this sense, Ripple states that “both large corporates and small to medium enterprises (SMEs) are responsible for significant payment volume.”

The NCB is the largest financial institution in the middle east to manage digital assets, the organization was founded back in 1953 and operates 512 branches across the KSA with more than 3 million customers.

The partnership with Ripple comes after the conclusion of a pilot programme developed by the Saudi Arabian Monetary Authority (SAMA) which signed an agreement back in February with Ripple, specifically for the xCurrent solution that the company offers.

The agreement was to “help banks in the KSA improve their payments infrastructure using xCurrent.” In this sense, the product would be used “to instantly settle payments sent into and out of the country, with greater transparency and lower costs.”

In relation to this, the Ripple’s Infrastructure Innovation Global Head, Dilip Rao, stated that,

“Central banks around the world are leaning into blockchain technology in recognition of how it can transform cross-border payments, resulting in lower barriers to trade and commerce for both corporates and consumers. SAMA is leading the charge as the first central bank to provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution.”

Conclusion

The National Commercial Bank of the KSA will start to function on the Ripple net at the end of the fourth quarter of the year, a moment in which it will be able to make transactions with a bunch of other institutions already transacting on the Ripple net.

The partnership will allow NCB users to enjoy faster, more transparent, and cheaper cross-border payment transactions. The first connections will be with financial institutions in North America and Asia, starting with Singapore for the latter one.

Without any doubt, this represents a massive step for Ripple in the domination path of the remittance sector. Even though the Ripple NCB partnership is still in the testing phase, but as things look, we call be sure that by the end of the year we will hear about the milestones of the partnership. And luckily for XRP fans, this might influence as well the price of the XRP token. So stay tuned.

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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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Altcoins

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

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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

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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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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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