The price of XRP is on the rise since a couple of weeks and it went up 4% at $0.51 after reaching an all-time low of $0.44. The steady growth in the Ripple currency has helped it to move ahead of Ethereum in market cap value and is leading with more than $2 Billion valuations. It’s an impressive growth for the currency and the boost is owing to few key partnerships it gained in the past week.
One of the landmark deals in Ripple’s history took place when the Malaysian financial heavy-weight CIMB Group Holdings Bhd planned to introduce it for a cross-border payment system. The SpeedSend financial solution service that will adopt Ripple serves a large market in South East Asia including Vietnam, Philippines, and Thailand.
Another announcement that boosted Ripple’s prices was done by Nexo. The crypto landing platform has said that it’s exploring Ripple’s xRapid system for lowering the cost of cross-border payments. Nexo already has XRP on their platform and have become one of the first lenders to use XRP as collateral to facilitate credit anywhere and anytime, of course in a decentralized format. Besides this, the company as compared to traditional methods is planning to start a new project to offer flexible resolutions for monetary associations letting them create an easy outgoing of payments in a quicker, transparent, and money-making way.
This newfound shot in the arm has led to Brad Garlinghouse, the CEO of Ripple state that Ripple will become one of the significant cryptocurrency in the future. He believes that many banks will start using the XRP ledger by the end of 2019. The XRP ledger, an open-source codebase uses XRP coin and is capable of performing over 1,500 transactions in every second at a low cost.
Garlingshouse aims to create a faster, transparent, and cost-effective method to replace the traditional methods. This will make ripple an important part of liquidity solutions for financial institutions. As per a data got from the World Bank, the complete price of worldwide payments is projected to hit $642 by 2018, which an increase of 5 percent improvement as compared to $613 billion in the year 2017.