Earlier this week, Ripple’s XRP showed a few signs that it was slowing down. But the cryptocurrency seems to have survived and is now on its way to recovery alongside the other top currencies. Several factors might be involved in bringing the asset back up though. One of which is the recent announcement of a partnership between Ripple and the Saudi British Bank.
The bank has been working on a collaboration with Ripple for some time now in order to use its blockchain platform to facilitate cross-border payments since the start of 2018. It is finally time to finalise the deal and bring blockchain payment services to its customers.
As reported by ZyCrypto:
“Ripple is known for the payment services it provides for clients across the world. The company has been largely successful at getting several institutional clients to work with. The company recently announced that its payment network RippleNet now has over 200 clients. All these developments have led to wider adoption for XRP which is used to provide liquidity for all Ripple payments.”
The collaboration with SABB is likely going to open a brand new chapter of growth for XRP and probably will help it overcome the problems that have held its price down for so long by exposing it to a wider user base.
One crypto trader has said that the $0.29 price of XRP was a critical level that could lead to either growth or a serious loss.
At the time of writing though, XRP has breached the $0.30 price mark so hopefully, we’re on the way for substantial growth.
“XRP has actually been on a bad trip for some time now, starting with the company admitting that all banking institutions had dropped xRapid because of controversy about its status. The asset can really use this new partnership it gets back on its feet and who knows? It may encourage other financial institutions to sign up and XRP and Ripple may have a better future once again.”
SWIFT might have a tough time competing with Ripple if things keep going up. Even though it will take time, one way or another, Ripple’s technology may take over SWIFT unless the firm moves to blockchain technology.