Ripple XRP Boosting News: Major Banks In The Middle East Are Willing To Use Ripple’s xRapid Technology

As reported in our XRP news yesterday, Ripple, xRapid and XRP have continued to gain global recognition as the future of remittance. Ripple was mentioned in a French television show alongside Bitcoin, Litecoin and Ethereum. The members of the XRP rich are still excited about this. Now, Ripple and XRP are gradually reaching mass adoption in the Middle East and this may affect the XRP price prediction 2019. Right now, more than fifty financial institutions in the Middle East have declared their interest in Ripple’s xRapid and XRP. This is because xRapid is faster and more efficient than the traditional cross-border remittance method. According to the XRP news on Today’s Gazette, major banks in the Middle East are willing to use Ripple’s xRapid technology.

The CTO of Al Ahli Bank of Kuwait, ABK bank, recently talked about why banks in the Middle East have developed an interest in Ripple’s xRapid and XRP. During an interview, he said that transactions on Ripple’s xRapid are fast and efficient taking only a jiffy as he described it. Most of the banks that are considering xRapid and XRP are current using SWIFT. You’ll recall that Ripple’s primary purpose is to over take SWIFT as the leading provider of cross-border remittance services in the world.

So far, 10 out of the 200 financial institutions using Ripple’s xCurrent have implemented xRapid and, in extension, XRP. While xCurrent allows banks to correspond with each other during cross-border remittance, it doesn’t require the use of XRP like xRapid.

XRP Price Prediction 2019

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.320101
-1.87%

While xRapid is gaining ground in the Middle East and around the world, XRP is also going to gain increased adoption with the upcoming upgrade by Ripple. Ripple is working on customer integration that would allow users of xCurrent to automatically use XRP without going through any protocol change. This move is certainly going to drive adoption for XRP and eventually improve the price of the token.

Ripple XRP Price Analysis

XRP price prediction 2019 stopped reflecting the progress of Ripple and all the positive XRP news long ago. While the XRP token and xRapid technology is making waves around the globe, the price of XRP has been stuck in the descending trendline for weeks. Even as the entire cryptocurrency market records bullish gains against the USD, the price of XRP and the XRP price prediction 2019 are still bearish. This is why it’s not a surprise that digital asset investors on the XRP rich list now refer to XRP as a stablecoin.

According to the latest Ripple XRP news on Newsbtc; even though Ripple (XRP) is one of the most liquid assets in the sphere and the third most valuable, its performance in the last few months has been dismal. Perhaps they may be functioning as designed, acting as a settlement tool.

However, it is clear that should Ripple (XRP) prices expand then not only will it benefit investors, but Ripple Inc that a big chunk of Ripple Lab’s XRP will be in a better position to support projects around XRP use case through Xpring.

David Schwartz admits that besides regulatory challenges, there are technical reasons behind the low uptake of xRapid though a majority of banks accept xCurrent. He says upgrading banks must re-configure their middleware and that calls for other possible expensive adjustment or even downtime that banks won’t agree.

Ripple (XRP) is down 2.3 percent oscillating around early April open. Although we expect bulls to flow in, it is until prices clear 34 cents and 40 cents according to our laid out XRP/USD trade plan.

Before then, traders should be ready for an extension of a ranging market and a possibly explosive consolidation that will drive prices either to oblivion below 15 cents or to the moon, above 80 cents.

However, as aforementioned, the success of XRP hinges on more than one factor now that prices move inversely to Bitcoin. In light of market conditions and an extended trade range, we shall adopt a neutral but bullish stance aware that dips below 30 cents invalidate our trade plan.

Find All Binance Hack, Neo Cryptocurrency, Earhtport Ripple, Bitcoin Surge, Binance, XLM News, Fidelity Crypto, Reddit Freefolk, XRP Ripple Coin News in Smartereum.com

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.