Ripple News Today – The poor performance of the XRP token hasn’t stopped Ripple from getting the attention of leaders in the financial space. RippleNet already has more than 200 members with more joining every day. In our Ripple News yesterday, we talked about how the XRP army was protesting Ripple’s sale of XRP tokens and plotting a takeover. While Brad Garlinghouse was trying to put out the fire, Ripple announced that PNC, a United States banking giant, will become the first U.S. based bank to use Ripple for transactions by joining RippleNet.
Ripple News Today – Ripple Latest Update – PNC Joins RippleNet, Set To Use Ripple’s Tech For Cross-Border Transactions
PNC, a banking giant in the United States, currently has over $400 billion in assets under its control. It is the eighth-largest bank in the United States and it has now become the first United States Bank that will use Ripple’s blockchain for cross-border payments. The company stated that it decided to make this move because it believes that speed and efficiency are important when it comes to cross-border remittance. Part of the statement from the bank was as follows:
“The ability to receive a payment from an overseas buyer against their invoices instantly, transforming the way they manage their global account receivables and allowing them to better manage their working capital.”
While PNC has just announced that it has joined RippleNet, this isn’t the first time the bank is announcing its interest in Ripple. In September 2018, PNC said that or was considering using Ripple’s xCurrent for its cross-border payments. Even if the xCurrent technology doesn’t use XRP like xRapid, the news led to a surge in the price of the XRP token. However, the Ripple news that the bank has finally started using xCurrent hasn’t led to any surge in the price of XRP.
XRP (XRP) Price Today – XRP / USD
It is important to note that even if XRP bag holders are hoping for a surge in the price of the token, Ripple is more concerned with promoting use cases. As stated in our Ripple News two days ago, Ripple’s executive said that there is an increase in the real-world use cases of XRP despite the fall in price. He noted that the deal with MoneyGram led to a 25% surge in XRP trading volume in Mexico. This is irrespective of the fact that the global trading volume is down by 65%. His point is that the price performance of XRP isn’t the parameter for XRP’s success. So, they are more concerned about adoption and increased real-world use cases of the token.
With PNC using RippleNet, it’s only a matter of time until other the United States-based banks start developing an interest in RippleNet, a move that will certainly drive adoption for XRP.