Ripple price isn’t at its best today as the charts indicate a bearish trend against Bitcoin price and the USD.
As at the time this piece was written, Ripple (XRP) was trading at around $0.58. This shows a 0.94% increase in Ripple price over the last 24 hours. Although the price went higher to $0.60 there is no sign of a recovery rally yet.
Ripple Market Analysis
Since ripple reached its all-time high of $3.40, it has lost over 82% of its total value. Its market capitalization is about $59.25bn and its trading volume within the last 24 hours is about $383.
As Bitcoin price and Bitcoin Cash price struggle to gain ground on the market, Ripple Labs continues to market the XRP globally to sustain trading. Recently, they announced the launch of a MoneyTap app that will be available to all 61 of its partner banks in Japan. This was done in a bid to incorporate blockchain technology into the financial sector.
Already, Ripple is one of the cheapest cryptocurrencies for performing transactions with its fees as low as $0.0037.
The app is expected to expedite payments in a safe, more efficient and faster way. This is according to the reports from Ripple’s CEO, Takashi Okita.
Financial institutions have been looking for new and improved ways to reduce the costs of transactions since banks normally process most transactions from 3 pm on weekdays. Blockchain technology provides this solution is it allows secure tracking of transactions across different industries thus speeding up the process.
Industry analysts suggest that Ripple’s global partnership with financial institutions will push ripple prices towards an inflection point.
The company has cemented partnerships across Asia, South America and even the Middle East. This might bring Ripple higher in the cryptocurrency industry. The CEO of the company hopes to make Ripple one of the most successful players in the market.