Ripple News Today – Ripple’s Partner SBI Launches First Crypto Fund of 2020 But the Token Lower Against the USD – June 29th, 2020

XRP2
  • Ripple’s partner SBI just released the first crypto fund of the year 
  • More than 50% of the fund is made up of XRP 
  • Ripple XRP is still down against the USD and might lower against the USD near-term 

Ripple News Today – Ever since Ripple started dealing with SBI Holdings, their presence in Japan has increased significantly. This Japanese based financial services firm is the first one in the year to launch a cryptocurrency fund. The fund is made up of 50% XRP. This isn’t a surprise since XRP is SBI’s favorite token. The rest of the funds will be made of 30% Bitcoin BTC and 20% Ethereum ETH. SBI is calling the platform the Strategic Business Innovation Group. The news about the new SBI cryptocurrency fund is a welcome development for Ripple. XRP has been under a lot of pressure for the last few years and things got even worse when the token fell from its long-standing position as the third-largest cryptocurrency per market capitalization.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.624
28.80%

Ripple News Today – Reshaping the Financial Industry With Digital Currencies

Digital currencies are starting to take the lead in the financial services sector. In the past, people categorized cryptocurrencies based on market capitalization and price. While these two factors are still important, other factors play a role when it comes to categorizing cryptocurrencies. If Ripple has been able to prove anything, it’s that XRP has many use cases that make it an outstanding token despite its poor price performance. While most of XRP’s use cases are in the financial sector, the potential of the token is limitless.

XRP Price Prediction 2020 – Ripple XRP Price Prediction 2020

SBI said that its new crypto fund will be open to individual investors interested in cryptocurrency asset funds. It embodies the resources of SBI Group. The fund offers similar benefits as traditional assets such as bonds and stocks but they offer more diversification. The fund will be managed by the SBI Alternative Investment Co Ltd subsidiary. On the other hand, cryptocurrency custody will be provided by SBI VC Trade, another SBI subsidiary.

Ripple News Today – Ripple XRP is still down against the USD and might lower against the USD near-term

In other news, the Ripple XRP token is still bearish against the USD. Despite all the progress Ripple has been making, the XRP token is still one of the worst-performing tokens. The latest news about XRP SBI didn’t even lead to an increase in the price of the token. At the time of writing, the price of the token is $0.177878. It is down by 0.71% against the USD and down by 1.66% against the USD. The trading volume over a 24 hour period is $1,131,256,329 and the market capitalization is $7,872,482,737.

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.

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