Ripple Goes Global as Over Twenty Top Banks Have Now Invested in MoneyTap, What Does This Mean For XRP?

The payment protocols of Ripple are one of the most used in the blockchain space. Ripple Labs is a San Francisco-based startup that is making waves in the blockchain industry. The Ripple Network is one of the fastest, cheapest, efficient, and secure in the industry. XRP is the native currency used on the network. XRP is also one of the best performing digital currencies in the crypto market. Since the emergence of the coin, it has been doing great in the market. The price of XRP has grown significantly over the past years, yielding a great return on investment. XRP is the currency that runs some of Ripple’s products such as xRapid. xRapid uses XRP to process cross-border payments.

xRapid has been adopted by some top banks and financial institutions across the globe. However, the recent XRP news in the industry is the increased adoption of MoneyTap. MoneyTap is a smartphone app used for money transfer.

Ripple-Centric MoneyTap Attracts More Top Banks across the Globe – XRP Price Prediction 2019 – XRP News Today – Cryptocurrency Market Update

A minimum of twenty top banks across the globe have invested in Ripple-centric MoneyTap. Thirteen banks had already invested in MoneyTap. This week alone, seven new banks have decided to join the list, making twenty banks altogether. The new investors and the old ones have equity in MoneyTap. A renowned Japan-based financial company – SBI holdings – is the firm managing MoneyTap. MoneyTap is running on one of the products of ripple – xCurrent. xCurrent is a solution created for international remittance service.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.238
-9.09%

The application is open for international settlements 24 hours 7 days a week. The app uses banks accounts, QR codes, and phone number to carry out transactions. When the app was launch, some banks gave some bullish remarks about the app. The said it offers almost instant transfer without any sort of delay. Presently, the app is only compatible with Suruga Bank and Simunobu SBI Bank. The seven new banks that just invested in MoneyTap are Towa Bank, Fukushima Bank, Ashiga Bank, Chibuko Bank, Shimane Bank, and an unnamed bank.

The Partnership of Ripple and SBI Gave Birth to MoneyTap – XRP Price Prediction – Cryptocurrency News Today – Crypto News Update

The collaboration between Ripple and a consortium of banks led by SBI gave birth to MoneyTap. The unveiling of MoneyTap was a spectacular one and it had a slight impact on the price of XRP. The latest development about MoneyTap is coming a couple of weeks after Ripple announced investing $50M in MoneyGram. This investment will enable MoneyGram XRP for international settlements. Ripple has been doing its best to boost the adoption and use case of XRP. The firm has been at the forefront of the developments around XRP.

XRP Price Analysis – XRP Price Prediction 2019 – XRP Price Forecast – Cryptocurrency Market Update – Crypto News Today

The digital currency market is currently recovering from a recent dip and correction. All the top digital currencies in the market plunged deeply and lost a significant fraction of their values. XRP is also correcting higher at the moment. The digital currency is currently hovering around the 42 cents mark. The immediate support of XRP is the 40 cents mark. On the upside, the resistance of XRP is at the 43 cents mark.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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