On Wednesday, Ripple published a 9% profit shortly after Swift announced a partnership with R3, a consortium of blockchains.
At 08:00 UTC, XRP / USD traded at 0.2934 Binance. When market sentiment began, the pair placed three consecutive hourly sessions in green, raising the value to 0.3292. By 13:00 UTC Ripple rose to 12.2%. For comparison, Bitcoin grew by a modest 1.29%, and Ethereum added 2.65% against the US dollar.
SWIFT BRINGS BULLS
The global banking giant Swift, based in Brussels, today announced that it is integrating the R3 trade finance platform with its own global payment solution (GPI). Speaking at the Paris Fintech Forum, CEO Gottfried Leibbrandt explained that the platforms would simply explore the potential relationship between their cross-border payment solutions.
“Later today, we announce the verification of the R3 blockchain concept in [a] trading, where you can initiate a payment on the [trading] platform, and then it goes to the GPI,” said CNBC's Lebrandt.
R3 has previously integrated the Ripple Labs XRP token as an asset to its Corda platform. Organizations also have partnered with global banking giants such as Barclays and Royal Bank of Canada to test XRP for cross-border payments. However, in September 2017, R3 pulled Ripple Labs into a lawsuit for violating the purchase agreement for 5 billion XRP tokens. They later resolved this issue, and XRP was the first integrated cryptocurrency R3 open source solution.
Leibbrandt expressed his opinion that XRP is a global asset to a cross-border payment network. The head of Swift said that banks are still hesitant to convert things into cryptocurrency due to volatility. According to Leibbrandt, the biggest disadvantage of Ripple Labs is their dependence on XRP.
Now that cryptocurrency is part of a deal with R3, Swift is likely to test it for scalability and basic volatility. This alone prompted the bulls to speculate on the potential profitability of the XRP. However, only full-fledged integration can confirm the growing demand for XRP in the future. Swift's involvement, firstly, can allow the bulls to create a solid base for pricing.
Matt Greenspan, a senior market analyst at eToro, a British investment brokerage company, had previously expressed his opinion on XRP, stating that this is a “unique digital asset”. The analyst also noted that Ripple Labs owns the majority. tokens, banks and investors will be difficult to trust the project.
“And when they knock on the door of the bank, the bank tells us about it. They will say: "Why do you hold on to the majority?" This will be a reservation, ”said Greenspan.
The XRP / USD rate at the time of this writing was 0.3238.