The crypto market is experiencing a huge downward trend at the moment. The price slump in the market started after the hard fork of Bitcoin Cash (BCH). Nevertheless, in the midst of the crash, XRP and Ripple Inc. are advancing further, taking over the position of Ethereum as the second largest digital currency.
Bank of America Plans to Embrace Blockchain Technology with Ripple as Its Partner
About a week ago, there were speculations about a possible collaboration between Ripple Inc. and Bank of America – the second largest bank in the U.S. However, no official announcement has been made so far, but it seems that Bank of America is getting ready to embrace blockchain technology.
The bank could use blockchain for its cross-border transactions in place of SWIFT, which is expensive, slow, and prone to error. The US’ second-largest bank is trying to develop a new mobile application that is similar to that of Ripple. The app would enable customers to carry out interbank transactions without going through a re-authentication process whenever the customer makes a transfer between the banks.
Cross-border Transaction Process Made Easier – Thanks to Ripple
In one way or the other, Ripple Inc. is fully ready to overtake the payment system of SWIFT. The blockchain of Ripple has gone very far, as more than 100 financial institutions and banks have adopted Ripple so far. If Ripple closes its deal with Bank of America, Ripple will see an influx of more financial institutions.
The first firm that adopted the payment protocol of Ripple is TAS Group. The firm adopted the payment protocol back in 2013. The company serves central banks and major commercial banks in Europe and Italy. TAS Group is already a client of the firm that is rapidly gaining a bunch of industry players which are attracted to its xRapid platform.
Undoubtedly, Ripple is aimed at developing products that improve the way traditional banking institutions operate, making them much easier and faster. They are also in charge of the simplification of international transactions. Hence, it is easy to see why the blockchain firm is developing more edge breaking tech-based products to enhance such transactions. Some of the products created by Ripple so far include xRapid, xVia, and xCurrent.
The launch of these products had a significant effect on the value of XRP – the native digital currency of Ripple. Whenever any of these products are launched, the value of XRP will surge higher. For instance, when the launch of xRapid was announced, the value of the coin surged by more than 100 percent in a matter of days.
The launch of these products has also attracted a lot of international settlement giants, such as Western Union and MoneyGram. xRapid is designed for financial institutions and banks that want to minimize the cost on liquidity. The product uses xRapid to facilitate cross-border payments, that’s why the launch of the product had an enormous effect on XRP.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP (XRP) is still holding the number two spot on the list of top digital currencies in the world. XRP is currently valued at 45 cents after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $18 billion and its trading volume over the past twenty-four hours is $1.20 billion.