Ripple continues to climb amid a string of positive news

Ripple, a cryptocurrency designed for making interbank payments, surged 51% in the past 24 hours following the announcement that major banks in Japan and South Korea intend to begin testing the system using a blockchain solution from the company on Friday..

Banks expect that the proposed system will significantly reduce the processing time for international payments, while at the same time reducing costs by 30%. Today, most banks use the Swift banking network to make international transfers, which usually takes several days..

According to CoinMarketCap, Ripple’s capitalization at the time of publication is almost $ 26 billion, which makes it the fourth largest cryptocurrency after Bitcoin, Ethereum and Bitcoin Cash. Strong growth helped Ripple displace Litecoin, the price of which also jumped several times recently, which, however, was not enough to hold its position.

Do not exclude the possibility of another jump in the price of Ripple in the near future, because on Friday at 7:00 local time (at 13:00 Moscow time) a program dedicated to this cryptocurrency is broadcast on Japanese television..

Earlier, the management of the California-based startup decided to put 55 billion XRP in storage to instill confidence in investors and reduce volatility. In addition, the company recently entered into agreements with American Express and Santander Bank, which will use the Ripple blockchain to make international transfers..

Photo: Wit Olszewski

Similar articles

• Ripple: Banks are unlikely to use blockchain in the near future…

  Ripple: Banks are unlikely to use blockchain for cross-border payments in the near future As Reuters wrote on June 13, according to the senior…

• Ripple’s MoneyTap payment app launched…

  Ripple-developed MoneyTap payment application launched in Japan Consumer-focused MoneyTap blockchain payment application created by…

• Brad Garlinghouse: Ripple controls XRP price no more than…

  Brad Garlinghouse: Ripple controls XRP price no more than whales – bitcoin CEO of the American fintech company Ripple Brad Garlinghouse spoke on Thursday…