Governor Of Bank Of England Discusses Possible Use Cases Of Ripple And XRP

Ripple joins Blockchain Capital VC Fund with XRP investment worth $25 million price


During the beginning of the bearish storm last year, XRP became the second largest cryptocurrency per market capitalization. However, it was unable to hold this position for long. This happened two times early in 2018. Towards the end of the year, it took the second position from ETH once again. This time, it stay in second place for more than one month. Ethereum was able to gather momentum due to the upcoming Constantinople upgrade. This took it to the second position once again.


XRP (XRP) Price Today – XRP / USD
Name Price24H (%)
XRP (XRP)
$0.311603
0.84%


Yesterday, XRP became the second largest cryptocurrency per market capitalization once again. Even if the difference in market capitalization between both coins is not much, it is still pretty significant. Also, it proves what everyone is already suspecting: it’s going to be a good year for XRP.


Ripple And XRP Get Thumbs Up From Bank Of England

So far, Ripple and XRP has successfully sealed 200 partnerships with traditional financial institutions. The company says that there are many more partnerships in the pipeline. As if the positivity surrounding the coin and the Ripple project isn’t enough, the Bank of England recently gave the project a thumbs up.


The governor of the Bank of England, Mark Carney, talked about XRP and Ripple regarding the bank’s future plans. The title of the discussion between Carney and the XRP supporters was ‘Have your say on the future of money’. In his words:
“Money is evolving along with the way we make payments and other financial services are performed. For a long time, Bank notes will be the central form of payment but things are changing.”
One of the participants in the forum subsequently asked:


“How does the Bank of England view the ever rising use of digital assets like XRP that are bridging assets for global cross-border payments? Is the Bank of England making any effort to start using these digital assets for monetary tasks?”
In reply, Carney said that the Bank of England had already entered into a partnership with Ripple. The partnership started in the year 2017 and it was meant to create new ideas in distributed ledger technology, cyber-security, machine learning, digital assets, etc. In his words:


“For the proof-of-concept study, we considered whether two transactions that are performed in different currencies can be executed at the same time in different RTGS systems. If one of the synchronised transactions doesn’t go through, the other one will not go through as well. This will show that the system is functioning properly and can be used for cross-currency conversions.”


According to Carney, this is something that has the potential to change the way cross-border payments are made. It will also reduce transaction times and fees.
Bank Of England Has Always Supported Ripple This affirmation from the governor of the Bank of England isn’t the first of its kind. In October 2018, during an interview with Victoria Cleland on SibosTV, the Executive director of the Bank of England said:
“We want to make sure that when there are systems or participants who want to plug into RTGS, they will be able to use an effective decentralized technology. The good news is that Ripple is effective.”


XRP (XRP) Price Analysis


At the time of writing, XRP was trading at $0.331331. This shows that it is down by 4.32% against the USD and down by 0.49% against BTC. The trading volume over a 24 hour period is $594,263,452 and the market capitalization is $13,597,949,210.

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