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Digital Currency Revolution Series: Is Ripple Alternative For SWIFT?
Of late, the Ripple company's ability to send cross-border payments quickly and efficiently is observed as a competitive edge, on the flip side, banks utilizing the existing Society of Worldwide InterBank Financial Telecommunications (SWIFT) system are not likely to give up their dominance in the field quickly.
But we reiterate that the popularity of Ripple has grown majorly based on a reputation of “banks' cryptocurrency”. Nevertheless, a great deal of clarity as to what exactly the Ripple ecosystem entails, about the mechanism of its payment solutions and in turn, how it drives the value of XRP, is lacking among the investors' community.
RippleNet collaborates with Ria Money Transfer, which is a subsidiary of Euronet Worldwide and one of the largest money transfer businesses in the world. Ria likely to leverage the enterprise solution ‘xCurrent’ with an intention of optimizing Ripple’s robust global blockchain payments network.
With customers in over 155 countries, more than 377,000 locations worldwide, and $40 billion in money transfer volume per year, Ria is one of the largest payment service providers in the world.
The xCurrent enables banks to instantly settle cross-border payments with low fees and end-to-end tracking. On the flip side, Ripple will also be able to leverage Ria’s Digital Integrated Payments Cloud, a global fintech ecosystem that the company says allows its partners to disrupt the traditional payments space.
Technically, the underlying price of XRPUSD has all set to take-off as you could observe the above daily plotting of technical chart. Bullish engulfing patterns are traced out backed by momentum oscillators that signal 5-month highs, as a result, the current price spikes above EMAs.
Please be noted that the 'Ripple' is a private company meant for the generation, development, and deployment of assets and services such as XRP and RippleNet, which is incorporated in Delaware as Ripple Labs Inc. The venture is also meant for a swift and efficient system that should benefit the unbanked area also. On that grounds, they are focusing on developing a customized solution that could be conducive for traditional bankers.
Well, the crypto unit of ripple is also functioning in California as a "Foreign Corporation”. Retail investors cannot invest in Ripple Labs Inc.
Overall, contemplating all these recent developmental trends of collaboration with the traditional banking business seems to be conducive in cementing Ripple Inc’s appearance as a provider of SWIFT’s alternative.
Currency Strength Index: FxWirePro's hourly BTC is flashing at 83 (bullish), the hourly USD spot index is inching towards -44 levels (bearish), while articulating at 06:44 GMT.
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