Ripple, one of the most important cryptocurrencies in the market, has surged after some good news for the network. It has increased from $0.239 up to $0.89 in just 48 hours. In this way, it has surpassed Bitcoin Cash as the third most important cryptocurrency by market capitalization.
South Korean Banks Exploring Ripple Technology
Two of the most important South Korean banks want to work with Ripple technology. That means that Ripple’s ecosystem is growing in the banking system. Ripple is known to offer a different network than the one offered by Bitcoin. It gives the possibility to banks and other institutions to transact different assets and not only money.
Banking services gain speed, efficiency, cost reduction and control through Ripple’s network. Woori Bank and Shinhan Bank will collaborate with the Japan Bank Consortium that is already using Ripple. The intention is to make cross-border payment easier and faster.
About this information, Ripple’s Director of Partnership Emi Yoshikawa commented:
“The Japan bank Consortium’s pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor. The use of RippleNet to send cross-border payments reinforces that financial institutions are ready to provide a modern payments experience and enable to the Internet of Value.”
Other Investors Embrace Ripple
During the last days, there were some rumours about Coinbase adding Ripple to its platform. The reality is that at the moment, Coinbase didn’t announce anything. About this possibility, Ripple’s CEO Brad Garlinghouse commented:
“The first thing I want the entire community to understand is XRP liquidity is a critical priority to the success of the business. Period. Full Stop,” he said. “The Priority one (for 2018) is around volume. Priority two, I would say is XRP liquidity.
Ripple’s team is working since a long time with Coinbase to add Ripple to the platform. At the moment, Coinbase accepts Litecoin, Ethereum and Bitcoin. It does not offer support to other cryptocurrencies and has also commented in a negative way about Bitcoin Cash and Bitcoin Gold. Now we need to wait to see if Coinbase decides to add Ripple in the near future.
Michael Arrington, TechCrunch founder has supported Ripple by launching a $100 million hedge fund. At the moment of the investment, Ripple had $9.73-billion-dollar market capitalization. At the moment, Ripple has more that $30 billion dollars’ market capitalization. Ethereum and Bitcoin are the only two cryptocurrencies with more market value.
During the last weeks we have seen a Bitcoin and an alt-coin rally. Litecoin, Ethereum, Ripple, Bitcoin, IOTA, Dash, Cardano and other currencies have increased exponentially their price and market capitalization. Furthermore, the bitcoin futures are also influencing and legitimizing the cryptocurrency market.