Ripple (XRP) Not Living Up To The Hype?
Looking at Ripple (XRP) and all it has achieved and is still achieving, is a cause to wonder why the digital asset is still not valued at double digits at the moment.
Ripple set out to provide frictionless transfer of funds, which it has more than achieved through its xCurrent, xRapid and xVia. Some exciting news around Ripple has raised questions about Ripple’s future.
Santander Launches Ripple Payment App
The British bank, Santander, owned by the Spanish Santander Group yesterday launched its first-ever mobile app for global payments using Ripple’s xCurrent technology. The app, One Pay FX is Santander’s solution to fast, simple and secured method of international money transfer.
With this launch, Santander has become the first financial institution to release a block-chain based international payment service available to retail customers in multiple countries. Santander aims at utilizing Ripple’s xCurrent to provide almost instantaneous transfer across Europe, Brazil, and Poland.
This will serve as a big boost for Ripple, as Santander is one of the largest banks in the world, with over 133 million customers worldwide. Santander has also hinted on plans to release the technology to more countries, perhaps this would further Ripple’s march into its better days.
Ripple and Blockchain Capital to Develop the Next Big App?
Blockchain Capital is a venture capital firm dedicated to the application of blockchain technology. Ripple has announced an investment of $25 million in Blockchain Capital, with the investment, team Ripple has announced that it is looking for the next Uber, Saleforce, or Instagram to be built on its platform.
This is certainly a bold step by Ripple to support entrepreneurs who look to build the next great technology app while using the Ripple software. At an interview with CNBC, chief market strategist at Ripple Cory Johnson made the announcement, and further stated that “There’s money sitting there, waiting to be used”.
More Financial Institutions Favour Ripple’s Interledger Protocol
Ripple’s Interledger protocol has been growing in popularity among financial institutions worldwide, this time, it’s the Bank of England. The Bank of England used Ripple’s connect and Interledger protocol to explore how its synchronized movement of currencies across two different settlement systems will help to lower risk and improve the speed and efficiency of cross-border transfers.
Ripple Takes a Price Lift After Santander App Launch
The effect of the Santander app launch was a 20% jump in price for the XRP. At the time of this writing, the XRP is trading down again at $0.62 apiece, which still is an improvement to its $0.5 trade range before the launch.
Despite its unimpressive price run this year, Ripple remains the 3rd largest cryptocurrency by market cap, with an estimated $24.4 Billion USD. Between the announcement by Santander and now, Ripple’s market cap is up by almost $500 million.
The Better Days May Just Be Near
Despite numerous partnerships with banks and financial institutions worldwide, the XRP has struggled to maintain its value al through 2018. What makes Ripple (XRP) interesting is the unrelenting efforts put in by the Ripple Team towards achieving its goal of providing frictionless cross-border payments. Ripple has solidified its place in the future of cryptocurrency, and the future of money.