Ripple XRP up 6% After SBI Promotion and Adoption
The price of Ripple (XRP) has been increasing over the last couple of days, and the increase is most commonly attributed to SBI’s testing of Ripple’s xRapid, and the release of a report that was incredibly bullish for XRP. xRapid is a payment processor designed specifically for corporations and large financial institutions who want to maximize liquidity. xRapid uses XRP for cross-border transactions as a base currency. SBI Holdings are a huge Japanese conglomerate who have taken a strong interest in cryptocurrency, making large investments across the board. Ripple has been able to enter the Japanese Forex market (among the biggest in the world) due to partnering with SBI, who are trialing xRapid. xRapid claims to save 40-70% on cross-border fees and the settlement times are in minutes instead of days.On the evening of August 1st, JPY (Japanese Yen) and KRW (South Korean Won) to XRP trading pairs saw a large spike in trade volume. Subsequently, the price of XRP underwent a 6% increase from $0.42 to $0.45 in under three hours. Ripple’s (XRP) is up 2.08% over the past 24 hours and is currently trading at $0.440482 USD.