It has been slightly eventful week for some of the major cryptocurrencies, with the prices gaining minimally to settle nerves around the crypto sphere.
Inventors take note of the green as the fears, uncertainty, and doubts concerning the cryptocurrency mini-crash dissipate. Of the top five coins, none has shown resilience in the last two months as Ripple (XRP).
The headlines from this week have all been about how Ripple coin will be the defining cryptocurrency this year according the XRP price prediction.
Some people call it the “dark horse” of 2018. If you are an XRP holder, you have probably heard of mega-deals between Ripple (XRP) and companies in China, as well as in Japan and UAE.
But, the greatest cryptocurrency news this week came from Saudi Arabia. XRP is set to grow as Ripple secured a deal which is worth $4 billion with Saudi Arabia. We will give you more on this and the other deals shortly.
Let us put Ripple deals into perspective, as well as show you why these mega deals are happening. Our goal is to show you why they are likely just the start of a bigger impact of Ripplenet around the world.
Interest in Ripple (XRP) because of its use cases.
One coin can be as good as its use cases. And, that is where XRP and a lot of its characteristics come in; the inventors of Ripple have given the world a platform which brings solutions to real-world problems.
It seeks to decentralize international payments system with its four fundamental characteristics, such as liquidity, fastest international transactions, the scalable blockchain and more importantly, stability.
What do all these things mean for Ripple?
One thing comes to our mind – the value of Ripple is not all about its price on the market. No, that would be too minimalistic.
Now, Ripple is a brand, commanding interest from all over the world. Just like we mentioned before, doing business within major financial markets all over the world is an indelible marker that COIN is now being appreciated for what it is.
Ripple attempts to partner with financial institutions so that it could support the concept of the Internet of value.
Ripple intends to make cross-border payments swifter, as well as fast; cheaper for everyone, and most importantly, to be a secure mode of money transferring from fiat to cryptocurrency and vice versa.
The focus of this support is the Interledger protocol which will connect financial institutions and blockchains to make value transfer easy and instant.
4$ billion Ripple deal with Saudi Central bank a first for any blockchain.
The deal which sees Ripple becoming the first cryptocurrency that signed a contract with a Central Bank is worth about $4 billion.
The contract was signed between Ripple and Saudi Arabia Monetary Authority (SAMA). It gives the coin the go-ahead for developing blockchain-based software to be used by Saudi banks in settling payments.
The agreement also puts the xCurrent software of Ripple at the disposal of the banks in the country.
They are going to use the software to facilitate instant cross-border payments. Though it is just at the pilot stage, this deal will give it an extensive growth opportunity.
XRP has already experienced a surge in the announcement of that agreement.
XRP gained value from $1.03 to close at $ 1.14, which is a positive percentage increase in the market cap of Ripple which now stands at over $44 billion. That’s $4 billion more, a 10% rise on the day.
Inventors are also taking notice, but this is hardly the first Ripple deal. And if all goes well, not the last one either.
RippleNet nets the LialLian International of China.
Earlier in February, Ripple had signed another deal with LianLian International, which is a major Chinese e-commerce company.
The deal is going to see the company use the xCurrent of Ripple to facilitate cheaper online payments between its 150 million users and major online shops such as Amazon, eBay, and Ali Express.
This deal will see the Hong Kong-based company link users in the U.S, Europe, and China with the payment system.
What could this deal probably bring to XRP’s dinner table? More exposure to the world, we would say. That is real growth potential for XRP and RippleNet.
XRP gets the nod for listing onto the SBI virtual currencies of Japan.
XRP is set to be the first and only Listing on SBI Virtual Currencies when the biggest financial services company in Japan is going to launch.
The company is also going to partner Ripple on its xRapid ecosystem to enable financial institutions to access liquidity which is crucial in cross-border payments.
The system will also allow SBI to link some institutions in Japan to others all over the world.
According to Patrick Griffin, a senior figure in the Business Development department of Ripple, partnering SBI Virtual Currencies will play a huge role in helping XRP to achieve its objective of having money transfer be faster and cheaper.
Ripple (XRP) silently makes its platform visible, and with mainstream financial players such as MoneyGram and Western Union on board, there is just one way we see the value of XRP going: up.
We cannot rule out price fluctuations in the crypto industry, but we are betting on one thing about Ripple (XRP): it is going to prove doubters wrong if it hasn’t done so already.