Another Win For XRP As SBI Holdings Hints at Using XRP For its MoneyTap Remittance

According to reports relating to Ripple’s XRP token, SBI Holdings, a company that is renowned for being a strong backer of XRP, revealed that one of its subsidiary SBI Ripple Asia will be conducting a demo of its new app service. The name of the service is MoneyTap. The new application is designed to help push merchant payments. This move by SBI Holdings is a huge step ahead of the official launch of the service. What does this mean for XRP price prediction?

The MoneyTap app is mainly targeted at retail payments. It is also powered by Ripple’s xCurrent tech. Smartereum understands that the first demo is going to be conducted in a restaurant within SBI’s headquarters.

About SBI’s MoneyTap Application

MoneyTap is a micropayments application created by SBI Ripple Asia. It reportedly involves the participation of over 13 Japanese banks. The application is designed to allow its users to send and receive funds using a phone number or QR code. The MoneyTap application was reportedly announced in October of last year. The scheme has been registered with the Japanese authorities. This initiative by SBI Ripple Asia has been granted license to conduct electronic payments within the region and further.

MoneyTap Allows the Completion of Nearly Instant Transactions 24 Hours Daily Every day of the Week

Powered by Ripple’s xCurrent technology, the MoneyTap app allows users to complete near-instant transfers. This is available 24 hours a day, through 7 days of every week. It is understood that merchants who are a part of the scheme will benefit from faster settlement and improved security.

SBI CEO, Yoshitaka Kitao, who has joined Ripple’s Board of Directors, said that using XRP in the app is not out of the question, showing some interest in doing so, CoinTelegraph Japan reports. The CEO is extremely bullish on Ripple and has said that he expects many banks in Japan to use XRP by 2025.

XRP Price Prediction 2019: The Price of XRP Has Been Impressive Today – XRP Price Forecast

According to data collected from the digital asset market, Bitcoin and the major of altcoins have entered the green zone after the mild price recovery for digital assets on the weekend. Currently, the total capitalization of the digital assets in circulation stands at $276 billion. Although this is slightly under the recent Sunday high of $278 billion, it is still impressive. The average daily trade volume of all digital assets retreated to $69 billion. From the trade action over the weekend, the price of XRP started the day successfully.

The price of the third largest digital currency is the biggest gainer for the weekend. The price of XRP has now settled above $0.4570. The digital asset has gained nearly 5% since Sunday and another 2.8% since the start of the Asian trading today, Monday. Whether the above reports about XRP and SBI Holdings affected the price of XRP remains the be seen. All in all, XRP is the best performing altcoin over the weekend.

Is this a good thing for the digital asset? Will XRP maintain this newfound momentum? We can only wait in anticipation. But for short-term investments, XRP is the go to crypto.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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