- Ripple Seals a Deal With the Second Largest Bank in Japan
- The Ripple XRP Token Finally Joins Bitcoin BTC and the Rest of the Cryptocurrency Market in a Surge Against the USD
Ripple XRP May not Maintain The Recent Bullish Momentum
Ripple News Today – Yesterday, Ripple announced that the second largest bank in Japan, the Sumitomo Mitsui Financial Group (SMFG), has sealed a deal with Ripple’s foremost partner in Japan, SBI Holdings. Unlike many other partnerships that Ripple has sealed, there are rumors that this particular partnership will involve the use of the XRP token later in the future. Shortly after the announcement, the Ripple XRP token moved up by more than 10% against the USD. Many people said that the surge in the price of XRP was related to the news. However, the truth is that XRP only gained significant momentum because of the surge in the rest of the market.
Ripple News Today – Ripple XRP Surged Because of the Rest of the Market Not Just Because of the Announcement
Japan is one of the many countries that have developed an interest in blockchain technology over the last few years. While the country is exploring different applications of the technology, they have already started implementing it in the financial sector. The move by the Sumitomo Mitsui Financial Group (SMFG) is just one of the many other branches into blockchain technology. The news, which was published by the Nikkei Asian Review shows that they will be buying a 20% stake in SBI Neo Mobile Services. This is the smartphone brokerage unit of SBI Holdings. Part of the announcement was as follows;
“The deal will combine the nationwide branch network of SMFG with SBI’s dominant presence in online trading. It is expected to help the partners create products and services that will better cater to millennials.”
XRP (XRP) Price Today – XRP / USD
With this partnership, a $930 million fund will be developed and used to invest in blockchain-based companies, 5G networks, digital technology, and other parts of the fintech sector. Shareholders will also benefit significantly from this deal.
Ripple News Today – XRP Starts to Recover But the XRP/BTC Pair Doesn’t Gain Momentum
The price of Ripple XRP has been struggling to cross the $0.20 level for days. Yesterday, the bulls finally gained the momentum they needed to move above this level. The price surged above $0.23 before it started losing momentum. At the time of writing, the price of the token was $0.2289. It is up by 6.53% against the USD and down by 8.23% against the price of Bitcoin BTC. This means that even if the token is showing signs of recovery, it is still underperforming in the rest of the cryptocurrency market. The trading volume over a 24 hour period is $3,290,746,725 and the market capitalization is $10,099,708,720. There is a high chance that the XRP bulls will not maintain the momentum.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.