Ripple (XRP) Listed on ABRA while Being Successfully Tested

The last couple of days weren’t as bad for Ripple as it were for the majority of other cryptocurrencies given the latest market dip. Apparently, Ripple even managed to trade in the green a day ago when it reached over 7% of the rise in its price. The price fell by a couple of percents in the period of 24 hours that followed afterward, but this is not the main news when it comes to XRP as the team behind Ripple is doing everything in their power to make sure that their technology along with their idea, is widely accepted and treated as mainstream. Let’s see what Ripple has been up to these days.

Ripple: Listed on ABRA

Abra represents the first wallet exchange and the best thing about it is that it is available on the global level, so anyone can use it anywhere and at any time. Abra is an application with a simple, user-friendly interface and can be found and downloaded on Google Play Store in no time, as well as on iOS app store. Abra has listed 20 coins in total among which we also have Ripple (XRP), making it a massive success for this currency.

With Abra, all listed currencies instantly become more available and easily accessible as you can exchange all 20 listed currencies for 50 fiat values, which also includes the American Express Credit Card.

Abra has a unique peer-to-peer function that allows it to represent all-in-one wallet plus exchange market. So, if you are the holder of one of the 20 coins that are listed with this application, you are lucky because you can now use a single service provider for exchanging and keeping your coins and tokens safe and secure.

The fact that Ripple has been listed on Abra is no wonder at all, given the fact that this currency and its technology have already been tested at more than several financial and banking institutions across the world, also introducing us to the cross-border payments. This way, Ripple is progressing promptly towards becoming a mainstream technology which would be used for the purposes of having fast and cheap transactions around the globe. With Abra, Ripple has only added a couple of points on its already established accessibility.

BBVA and Ripple

If you thought that the news about Ripple end with XRP being listed on Abra, then you are mistaken because Ripple’s team seems to be active and proactive these days. Apparently, Ripple has been tested for cross-border transactions with the Spanish biggest financial institution – BBVA.

On this occasion, one of the heads of BBVA banking institution confirmed that the testing that has taken place during the last year has come out to be pretty successful. The head of the BBVA also confirmed that the bank has been testing not the digital currency that would be XRP, but the technology Ripple is offering for cross-border payments. The tests involved fiat currencies and were extremely successful. BBVA also added that the tests weren’t only performed in the terms of testing cross-border payments. They also used blockchain technology for testing other aspects of the financial industry and operating with financial records. That means that blockchain technology can definitely be considered as applicable in the banking industry.

BBVA is happy to have all the tests completed successfully as they admitted that they have been using the same infrastructure of technology since the seventies. During the testing of cross-border payments, BBVA confirmed that they were working with several countries in Europe as well as with South America. They also confirmed that each transaction was extremely fast, being processed within only a couple of seconds.

Naturally, as confirmed by BBVA as well, this type of transaction would take up to 3 to 4 days, so they believe that using blockchain technology to cut this time will also positively affect their service users and increase the existing number of people who place their trust in BBVA.

Ripple and Triumph over SWIFT

SWIFT doesn’t seem so swift anymore now when Ripple has become a part of the greater image that many banks and financial institutions are taking into consideration. SWIFT was originally used, and it still is, as a part of many banking systems for making cross-border payments.

It seems that although SWIFT has established hegemony over banking systems across the world, that after all the testing, Ripple and its xCurrent system for cross-border payments are far superior.

One of the reasons to support this claim lies in the fact that SWIFT has a higher rate of errors. This may not seem as such a big deal, but it actually is when it all comes down to numbers, which is usually the case when you are working with money – numbers are all that matter.

Apparently, SWIFT has an error rate of 6%, so Garlinghouse, Ripple’s CEO, made an interesting comparison explaining how difficult and annoying would be if 6% of your emails wouldn’t go through without a human intervention. That is exactly the case with SWIFT as it may occur that 6% of cross-border payments may not go through without the need for intervention from the support team.

How is Ripple doing at the Current Moment?

It seems that new partnerships and successful testing are doing well to XRP, but still this currency can’t take any rest. XRP is constantly going up and down although the percentage of rises and falls is still pretty insignificant, so the price is hovering around 0.65-0.70$ per one unit for a week now.

The latest change in Ripple’s price that occurred in the last 24 hours resulted in a minor drop. XRP on this occasion fell down against the dollar by -0.54%, which is not that big of a deal at all.

That means that XRP is currently dealing at 0.68$ per one unit, while less than 24 hours ago this currency was trading in the green with the price of 0.71$ per one XRP.

Given the fact that Ripple’s team is working extra hard to get Ripple “out there” and into the waters of financial mainstream technology, the price might end up jumping dizzily during the next couple of months.

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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.

Image courtesy of Erik Charlton via Flickr