Ripple News Today – Ripple’s major goal, reinventing the international payment sector, depends a great deal on signing up institutions that will use its technology. Per our previous XRP news and Ripple news, the more institutions use Ripple’s tech, the more popular the company and its XRP token will become. An increase in the use cases of XRP will mean an increase in its price which will be beneficial for investors. On the other end of the continuum, the European Union is working hard to make its micropayments and international remittance system more efficient. This has been a top priority for the European Central Bank in recent times. What if Ripple gets in front of this situation and offers the EU the technology it needs to reach its goal?
Ripple News Today – XRP News Today – Ripple Can Seal The Deal Of A Lifetime With The EU
During a recent session by the European Commission in Brussels, they talked about promoting an initiative for the development of a cross-border settlement system that will be accessible in the EuroZone. The event, which was hosted by the European Central Bank and other leading financial institutions, was about identifying obstacles and tackling them so that the project can be developed successfully. The Commission also published a paper about how cryptocurrencies can be used to promote financial stability, payments, market infrastructures, and monetary policy. The paper listed three cryptocurrencies that may be useful in the financial system and XRP was one of them. It noted that XRP is a viable liquidity tool.
If you’ve been following up with Ripple’s progress, you’ll know that the company has delivered on its promise to provide cheap, reliable and almost instant methods of sending money internationally. No doubt, Ripple can eliminate the friction in the global payment system for good. The only thing that is required is mass adoption. So far, many financial institutions based in the western part of Europe have adopted Ripple’s technology. This shows that even if there are other blockchain based systems that can be used in the financial system, Ripple is the most popular and most efficient.
The more important partners Ripple’s signs up, the closer it will get to global adoption. If the European Central Bank decides to use Ripple, the effect on the company and the XRP token will be one of a kind. More major financial institutions will be propelled to use Ripple’s tech until the company eventually becomes the most popular blockchain company and the XRP token becomes the most sort-after cryptocurrency in the space.
Ripple News Today – XRP News Today – What This Means For Ripple And XRP
Even if the European Central Bank doesn’t use any of Ripple’s technology for its cross-border remittance project, the fact that it considered and mentioned XRP alone is a big deal. It gives XRP and Ripple an extra layer of credibility and publicity. You’ll recall that what happened a few months ago when the World Bank mentioned Ripple in its publication. The World Bank noted that Ripple’s innovative tech is pushing traditional financial service providers to look for more advanced and innovative ways to showcase their products and services.
XRP (XRP) Price Today – XRP / USD
Ripple has been using blockchain technology and cryptocurrencies to power the settlement of international transactions. XRP was never meant to take over local currencies like Bitcoin. Rather than replacing financial institutions, Ripple intends to work hand in hand with these institutions. This is why banks and other financial service providers aren’t afraid of working with Ripple. So, there is a high chance the European Central Bank will use XRP for its cross-border settlement system, a move that will change the game for Ripple and XRP forever.
What do you think about the Ripple news today? Will the European Central Bank use Ripple’s technology for its international settlement system?