Ripple (XRP) is on the brink of becoming one of the main cryptocurrencies to be used by banks and other financial institutions. At the moment, XRP investors are set to see some life-changing developments with Ripple.
It is important to know that in the last seven days, XRP increased by 27.87% – much higher than Bitcoin, Ethereum, Bitcoin Cash, EOS, and Stellar. We shouldn’t be surprised if XRP overthrows Ethereum in its position because, in the end, XRP will be a digital asset that offers better utility to the world.
Ripple Partners with 3 top cryptocurrency exchanges for its international payments
To enhance xRapid-powered global payments, crypto exchanges such as Bittrex, Bitso, and Coins.ph have been picked by Ripple for banks using XRP. XRP will be used to facilitate transactions between global banks.
Ripple stated:
“These exchanges will enable xRapid payments to move from one cryptocurrency- into XRP- and back into another currency efficiently and quickly.”
Subsequently, these three crypto exchanges will assist transactions that used XRP between USD, Philippine, and Mexican Pesos.
Ripple, through its chief, Cory Johnson stated:
“Bittrex is one of the biggest names in digital asset trading in the U.S. The same applies to Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid.”
It is important to know that companies that make use of xRapid stated that they save up to 70% of the cost for the cross-border transaction.
Ripple’s chief further added that its recent progress is the vital one for xRapid and xCurrent:
“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchanges partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”
In accordance to Johnson’s announcements, the xRapid product will move from its testing phase to the production phase.
Johnson stated the real reason why Ripple chooses Mexico, the U.S, and the Philippines by saying:
“Why did we choose, of all countries, preferred partners in Mexico and the Philippines? The four largest incoming remittance countries (two of which shun crypto business) are India, China, Mexico and the Philippines.”
On the other hand, the Chief of Coin.ph also commented on the recent partnership with Ripple:
“We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payment, making sending money home more affordable for 10M+ overseas Filipino workers.”
Additionally, Binance also collaborated with Ripple on the launch of its new crypto exchange called Liechtenstein Cyptoassets Exchange (LCE). This was revealed through a tweeted picture by Michael Arrington showing him with the CEO of Binance Changpeng Zhao along with Ripple’s SVP Ethan Beard for the launch of new Binance cryptocurrency exchange. As a result of this collaboration, Ripple’s price surged at that time by 7.84%.
With Binance CEO @cz_binance and Ripple SVP @ethanbeard at @lcx pic.twitter.com/sX882XBOjG
— Michael Arrington (@arrington) August 16, 2018
There are some strong sings that Ripple (XRP) could hit the moon in no time and we shouldn’t be surprised if this occurs sooner than later. Nevertheless, this is the right time to invest and get on the Ripple train before it is too late. Of course, use your very own common sense and research.
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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 thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Scott Webb on Unsplash
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