Traders Aren’t Considering Ripple’s Increasing Penetrating in Financial Sector

The influx of Ripple’s (XRP) blockchain technology has been changing the traditional global financial system. Banks and payments services companies continue to advance their relationship with ripple – more than 100 private and public companies have announced testing ripple products (xCurrent, xRapid and xVia) in order to improve their transaction costs and times for domestic and cross-border payments.

Indeed, the Chinese and Indian financial sectors are looking toward ripple’s products to advance their payment systems – both countries have officially warned their citizens from cryptocurrency trading. In fact, China has completely banned domestic and international blockchain technology platforms.

A China-based payment services provider, LianLian International, has recently partnered with RippleNet to strengthen cross-border transactions.

Indian IndusInd Bank today announced its partnership with Ripple for internal and external payments:

“We plan to leverage the Ripple platform to provide an enhanced experience to our clients by delivering instant settlements, and atomic confirmations on the back of highly secure infrastructure,” Ramesh Ganesan, senior executive vice president at IndusInd Bank said in the statement.

Investors Ignore Ripple Net Achievements

Although the financial sector has preferred Ripple’s technology over Bitcoin (BTC) and Ethereum (ETC) due to lower transaction time and processing costs, the XRP price hasn’t been considering this key factor when it comes to price activity on crypto exchanges.

MoneyGram, Western Union, Saudi Central Bank and numerous other prominent names are testing ripple’s products. This may allow Ripple to generate huge revenue in the coming days, which would then give it the underlying value to support its price movement.

Some market pundits believe ripple price is only temporarily under pressure and predict that the strong prospects for huge revenue generation could push ripple price towards $10 by the end of 2018.

XRP price continues to follow the broader cryptocurrency market trends today.

Its price dipped sharply from highs of $1.20 seen last week despite the announcement of the partnership with several banks and companies. XRP price trades in the range of $0.90 to $1.20 over the last couple of weeks. XRP price trades around $0.95 at the time of writing – with the market capitalization of $37 billion.

Featured Image: twitter

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