Ripple (XRP) is back in the green after an eventful week in the digital currency market. The prices are gaining track, although investors still have uncertainty, doubts, and fears concerning the fiat currency mini-crash dissipate. In the low selloff, some coins showed resilience. One of the coins is Ripple (XRP). The numbers show that Ripple is going to be the defining digital currency in 2018. The coin is hovering around the $42 billion mark in the market capitalization. The resilience of XRP continues as the mega-deals between banking intuitions thrive.
$4 billion mega deal with Saudi Central Bank
The mega-deal between Saudi Central Bank and Ripple is the first bank- cryptocurrency partnership. Ripple and the monetary authority of Saudi Arabia agreed on the $4 billion mega-deal. Ripple through the deal is able to develop software for use in settlement of payments for banking institutions in Saudi. The coin will offer the xCurrent program to the Saudi banks. The banks will use the software in facilitating payments across borders.
The partnership is still in the pilot stage; however, it provides the coin with an opportunity for expanding its reach. The deal already gives the coin a surge as investors indicated that the coin gained value to almost $1.14 mark from its initial $1.03 level. It is an impressive percentage increase as the coin had a 10% rise on that day, that is an addition of $4 billion to its account.
Western Union testing Ripple (XRP)
Another financial institution added itself to the growing list of banking institutions that are testing Ripple. Western Union will simply be using XRP for money transfers. The company will experiment with the coin for transactions settlement and for optimization of capital. In this case, Ripple will offer xRapid which makes use XRP in payment flows. With the use of Ripple blockchain, the money transfer company would move money faster though the coin is not fully essential for handling payments.
A coin success depends on its use cases and that’s where XRP comes in. Ripple is continuously providing the cryptocurrency sphere and the world with a platform to solve real-world issues. Putting Ripple into perspective, you will have to deal with more than its price as it is too minimalistic. The coin’s foundation of future success is from its commanding interesting of partnering with major financial institutions in the world. Its relationship with financial platforms is an indelible marker that Ripple is the defining cryptocurrency in the crypto sphere.
Ripple’s goal is promoting the internet of value concept. It achieves this through partnering with banking institutions with an intention of making payments across borders in swifter, secure, and reliable way. The center of boosting its performance in the digital coin market is through the interledger protocol that offers a connection between blockchains and financial platforms. Ripple (XRP) involving itself with more financial platforms and banks as an alternative for global money transfers will increase its market value. The relationships boost the coin’s overall appeal and could help Ripple (XRP) surpass Bitcoin as the market leader.