- Ripple’s XRP gets mentions in CFPB document
- XRP Price Update – XRP Liquidity Index attains the $7 million level
Ripple’s native token XRP, which is the third-largest cryptocurrency by market cap gets its first mention in a Consumer Financial Protection Bureau (CFPB) document. CFPB centers on new developments in the remittance market. The Consumer Financial Protection Bureau (CFPB), the sovereign U.S agency that is in charge of protecting consumers in the financial sector, projected growing a haven in its remittance rule.
XRP (XRP) Price Today – XRP / USD
According to CFPB, this rule will permit limiting compliance costs for financial institutions that make an inadequate number of money transfers in a year. While those whose transfer transactions are within 500 or lesser annually can be granted haven. The CFPB states that the remittance market has faced “substantial changes” since the execution of the rule due to the integration of cutting-edge technologies by cross-border payment providers.
The document states that Ripple as one of the disruptors in the industry along with the SWIFT Global Payment Innovation (SWIFT GPI) product and non-bank financial companies. “…the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross border money transfers as well as a proprietary virtual currency, XRP, which can be used to settle those transfers.”
Also, the CFPB mentions that the embracing of Ripple’s products could give an insight to the banks by letting them know the precise volume of transfers that will be received by recipients before sending them. Although, regardless of the benefits that are obtainable by remittance companies, changes are not slated to occur soon. The CFPB claims that they are unlikely to swap the conforming banking system anytime soon. Though, this already signifies a major momentous for Ripple and the cryptocurrency industry.
XRP Price Update – XRP Liquidity Index Attains the $7 Million Level
Bitso, the largest Mexican exchange is a partner of Ripple and MoneyGram in the On-Demand Liquidity (ODL) channel to Mexico, where XRP trades against the local peso. Some weeks back, the Liquidity Index of XRP on Bitso attained the level of $6,792,777. This amount has thus far been surpassed by a higher figure.
The former all-time high for XRP on Bitso was attained on November 20, hitting almost $6,793,000. According to the XRP price analysis, on December 11th, 2019, this value attained $7,095,831. Regardless of the increment of XRP liquidity which is a good sign for a cryptocurrency, the price of XRP persists in the red zone. Although, it recently tried to recover the $0.22 level.