Ripple’s (XRP) Journey in May 2018

Ripple and Xpring

Ripple focuses on introducing blockchain technology and faster transaction system to various businesses. “Xpring is a new initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs.” (Ripple official website) The XRP ledger and the digital asset XRP will be utilized by the entrepreneurs to provide solutions to their customers in a new found way.

Ripple (XRP) and Mitsubishi Corporation and MUFG (Mitsubishi UFJ Financial Group)

Mitsubishi had announced that they are going to test the technology of cross-border payment implemented by Ripple. Standard Chartered had made another announcement stating that they will take part in the remittance test. It seems that Ripple has made its mark with many such partnerships with internationally renowned banks and other financial institutions. The announcement comes on time when people are complaining about the taken to do a transaction and the charges implemented in the process. At present, the international money transfer system uses the SWIFT network and the transaction costs are high as it is a multi-layered process involving various banks to reach the recipient address.

The whole process will take place through Ripple (XRP) to support a faster transaction system and reduce the expenses. The objective of Mitsubishi is to incorporate Ripple’s cross-border payment technology in the public sphere such that it can be used for regular use. At the moment, according to the official statement, the transactions will be made using Singaporean dollars. The transaction will start from Thailand and end in Singapore. One of the Mitsubishi subsidiaries will use an Ayuthaya Bank account to send funds to a previously established account owned by Mitsubishi Corporation Affiliate in Standard Chartered.

“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates.”

• Gautam Jain, managing director and global head of client access

SEB, MUFG, YES BANK, Cambridge Global Payments, BBVA, and Akbank are just some of the companies with which Ripple had partnered up since 2017 to ensure a safer, faster and less expensive transaction system.

Ripple and Apple Partnership

The point that made Santander and Wilderness Inc. choose Ripple over other cryptocurrencies is that it can also be used to conduct internal transactions within companies that also incorporates “international” and “cross-borders”. As xCurrent or xRapid platforms of Ripple can be easily incorporated into these companies’ ecosystem, the transactions are completed much faster securely and at low costs.

Being a giant in the tech industry, Apple specializes in assembling sophisticated pieces of tech to provide an easy to use and reliable interface. Thus, Apple announcing that it will partner with Ripple for installment record and administration can be beneficial for both the sectors. However, Apple will at the moment only implement Ripple’s technology. If in future, Apple adopts the crypto coin then the clients of the tech giant adopting XRP token will be a huge success for Ripple and will enhance its market presence. Stellar is on the way to give tough competition to Ripple and other cryptocurrencies, therefore, this announcement comes right on time.

Ripple (XRP) Price Analysis

Studying the historical price chart of Ripple (XRP) at coinmarketcap.com, it seems that the crypto coin is experiencing the usual fluctuations of the cryptocurrency market. When the weekly chart is observed, the downtrend is losing its strength as the price seems to be unable to reach below the $0.47, XRP’s lowest in April 2018. This will hopefully start a bull trend. The Twitter announcement of Revolut on 18^th May about a ‘BIG’ update in the next week seems to have triggered some instant response from the community and Ripple fans. (The Revolut app allows the users to connect to a bank account where they can hold, buy or exchange cryptocurrencies like Bitcoin, Ethereum, and Litecoin. The value can be converted to 25 fiat currencies.) Also, the partnerships with Mitsubishi and Apple can also be the indicators of bulls taking over the Ripple market gradually. However, according to coinmarketcap.com, at the time of writing, the price of Ripple (XRP) shows $0.675 USD (-3.43%) approximately. A market cap of above $26,481,000,000 USD and volume (24h) of approximately $237,661,000 USD keeps the crypto coin floating at 3^rd position. (As of 22^nd May 2018)

For the latest cryptocurrency news, join our Telegram!

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 Pexels