Cryptocurrency Market has been so volatile. The market has been through booms and busts. The prices of major cryptos by market cap such as bitcoin and ethereum have been steadily declining this year. Ripple, on the other hand, has taken a different route. The world’s third largest digital coin has emerged as a cryptocurrency that has benefited more than others over the past weeks.
There was a time XRP displaced Ethereum (ETH) from the 2nd place on the Coinmarketcap. However, the price of the XRP was has plummeted again. At this time, the price of the XRP is $ 0.45.
The rise in ripple prices was partly due to the announcement of the xRapid product. This week gave Ripple a tremendous boost. It was announced that Ripple in collaboration with MoneyMatch, had carried out the first cross-border transaction out Malaysia via blockchain. MoneyMatch said in a statement that the transaction cost less than a traditional money transfer.
The Ripple infiltration into the banking sector has been enhanced by many factors. Recently, Ripple’ major partner Banco Santander teamed up with SWIFT to facilitate cross-border payments within countries such as Poland, Spain, Argentina and the UK. For this reason, people speculate that Ripple may collaborate with SWIFT in the near future. Such speculations can boost the adoption of XRP.
XRP is the only cryptocurrency that has attracted many banks around the world
There are a few factors that set Ripple (XRP) apart from other cryptocurrencies. It has the fastest transaction time of any crypto network, thanks to its unique consensus ledger. XRP also doesn’t require any fees. Ethereum and Bitcoin may require fees for mining that takes place. The cryptocurrency has already been embraced by a number of financial institutions, such as PNC and Standard Chartered. It is likely that Ripple (XRP) will become a bigger force for financial institutions across the globe.
