Ripple has been strongly behind XRP (XRP) – its native digital currency – since its emergence. The price of the digital currency has greatly benefited from the effort of Ripple – a San Francisco-based startup. The recent XRP price trend has not been bad, and most of the gains are attributed to the efforts of its parent firm. The recent XRP news of Ripple collaborating with Binance to use xRapid and ripple acquiring an international payment system – MoneyGram.
Ripple has been pushing for the mainstream and institutional adoption of XRP. The effort of the firm is spread across the entire market, as XRP is not the only digital currency benefiting from its effort. The firm is working towards global recognition, use, and adoption of digital currencies and crypto-related products. However, there seems to be a formidable force that might be contending with Ripple in the international payment processing industry.
Visa and Western Union Come Together to Form an Alliance – How Will Ripple’s XRP Price Respond to This News?
The force that is out to counter XRP is the partnership between Western Union and Visa. Visa and Western Union are two giants in the international payment industry. The New York Stock Exchange disclosed the agreement between these two giants yesterday, June 10. Visa has a real-time one-push payment platform called Visa-direct. According to the announcement of the agreement between both firms, Western Union wants to implement Visa-direct.
Western Union is an international payment-processing firm. With this partnership, the firm will be able to process funds with more speed and accuracy. Visa has an interest in improving cross-border settlement processing. By implementing Visa Direct, Western Union will be able to provide their users with a faster settlement service onto cards. Western Union customers will be able to send and receive funds in a transparent and seamless manner on the new platform.
Visa and Western Union Aims to Improve the International Settlement Processing Industry
According to Bill Sheley – Visa’s push payments global head – both firms are forming an alliance to contribute to the growth in the international payment processing industry, to both consumers and businesses. They intend to push this to over 200 different countries and 130 currencies. This seems to be a strong alliance that will be beneficial to many businesses and consumers. However, it seems to be a threat to the Fintech cryptocurrency and blockchain adoption crusader – Ripple.
Can Ripple Handle This Development Like It Handled the Performance of SWIFT? – XRP Price Prediction
Recently, when SWIFT can out as a strong contender in the international payment processing industry, Ripple was able to handle the performance of SWIFT. However, the collaboration of Visa and Western Union might be a very tough one for the blockchain startup. Both firms came together to pursue the same goal Ripple is set out to achieve. They are all working towards making the international settlement industry a better one. Western Union and Visa both have a very huge network. However, Ripple has blockchain technology to rely on. Its ability to process very cheap and fast transactions is also a big advantage to it.
XRP (XRP) Price Today – XRP / USD
At the time of writing, the XRP USD live price is $0.3948 after an increase of about 2 percent over the past day. XRP currently has a market cap of $16.7 billion with a trading volume of $1.43 billion over the past twenty-four hours.