XRP-Leveraging Ripple Product ODL Eliminates Two Big Concerns of Banks
- MoneyTap set to go live in 2020
- Xrping’s Strategies to Increase XRP Adoption
- XRP Now Worth less than a Quarter
MoneyTap is the company's attempt to enable faster, cheaper, and more secure payments for everyone and it is set to go live in 2020. The app will come with features like international money transfer service, salary repayment service, prepaid charging services, and money transfer service involving a small amount.
SBI Holdings, Inc. Financial Results October 30, 2019
"Partner with overseas commercial banks to expand MoneyTap network"
"Scheduled for 𝙇𝘼𝙐𝙉𝘾𝙃 in 2020 with 𝙈𝘼𝙅𝙊𝙍 𝘾𝙊𝙈𝙈𝙀𝙍𝘾𝙄𝘼𝙇 𝘽𝘼𝙉𝙆𝙎 in Southeast Asia"
-MoneyTap Runs on Ripple- pic.twitter.com/dXcwFbVsYl
— ༜༝🅂🅃🅄🄰🅁🅃🅇🅁🄿💧⚡ (@xrp_stuart) November 16, 2019
The real-time payments system continues to bag new customers every other day, with the latest one had been of TPBank. As we reported, SBI Ripple Asia along with SBI remit and TPBank of Vietnam launched the first Japan-Vietnam remittance service using the Ripple network of financial institutions, RippleNet.
The 4th largest bank in Saudi Arabia Simba Financial has also conducted “exploratory discussions” with RippleNet to implement faster payments services.
As Navin Gupta of Ripple said, “If you look at the top 4 banks in Saudi they are our customers.”
ODL Removes Two Big Concerns
Ripple’s another product On-Demand Liquidity (ODL), formerly known as xRapid, according to Sagar Sarbhai, Ripple’s Head of Government & Regulatory Affairs of Asia Pacific region, has eliminated the two big concerns of volatility and regulations regarding digital assets.
Recently, Sarbhai at an event held by the Milken Institute, an independent economic think tank based in Santa Monica, California shared how when testing out XRP, financial institutions and banks reported that it “works beautifully” but can’t use it because it is highly volatile and central banks won’t allow them to use it.
So, they came up with ODL, a product that means banks don’t have to hold a digital asset on their banks but could leverage the product through a fully licensed digital exchange to source liquidity in real-time. And because the entire transaction happens in less than 30 seconds, the volatility risk is also taken care of.
Xrping’s Strategies to Increase XRP Adoption
Ripple’s other product, its investment arm Xpring is also working on driving the XRP adoption further. Recently, in an interview, Xpring executive Ethan Beard shared his strategy for the same.
One way to push the adoption is to work directly with financial institutions, provide them a customized enterprise software, and let them tap into the power of XRP. The other one is focusing on developers and letting them integrate XRP into their applications.
XRP Now Worth Less than a Quarter
However, when it comes to price, the value of one XRP has dropped below a quarter. Down over 92% from it's all-time high, XRP is currently trading at $0.0249, as per Coincodex.
Could it go any lower?
According to the trader, Crypto Michael, “altcoins have full retraced back to their 2017 and/or 2016 levels,” but can still “go down some more.” “However, the R/R with upside potential is getting extremely better from here.”
In the last few days, altcoins have been in green against BTC which has been a good sign for them but yesterday after Bitcoin dropped about 7%, altcoins fell even harder.
So, now it’s to be seen if XRP would be able to make a new high this time around or not.