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.
XRP is looking strong and Bank of America announced they will be offering cryptocurrency custody solutions, take that with a 50/100 EMA cross and bingo. Entering on this just based off previous XRP hype and rallies. Current plan: #xrp #ripple pic.twitter.com/MEEvIJBZfj
— Crypto Badger (@CrypticDecision) November 5, 2018
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.
Outside of being a customer Bank of America is also a listed member of the Ripplenet Committee. Which gives Ripple feedback to direct how it evolves for banks. Could be as simple as that.
— Steve (@xBulletproof1) November 12, 2018
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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