As Ripple is the best real-life integrated cryptos at present existing in the market, so it is the currency that is so much talked about. Also, many banks, banking institutions, and financial services have tested Ripple, and for the speedy transaction on global levels these parties have taken over testing of XRP and xRapid. However, these institutions say that they are not interested in XRP as a cryptocurrency, so this will not stop Ripple from gaining new potential partnerships through which Ripple and its technology may progress very rapidly.
Ripple Partners up with Santander Bank
On 12th April, Ripple declared its partnership with Santander Bank through which there was a considerable rise in its price. And this caused a price of 0.5$ per XRP unit, which is the highest price it had seen in weeks.
And it seems quite clear that Ripple may gain significantly from this new partnership. Santander bank is biggest banks in Europe and hence its indebtedness to XRP technology will surely increase Ripple’s worth.
Brad Garlinghouse, at the time of declaring the new and so essential partnership said that Ripple is preparing to realize the idea of the Internet of Value. Ripple has such a marvelous venture which will modernize the world of cryptos and so Santander bank should help Ripple in this project.
Brad Garlinghouse, CEO of Ripple pointed out the word “crypto” and said that actually, Ripple is not a cryptocurrency because this has also been stated in the whitepaper of XRP. Garlinghouse further said that as we are calling Ripple as a currency, is, in reality, a digital asset and if at all you cannot use it to pay your coffee bill then it cannot be a currency.
When we think about how the blockchain technology works, we start observing that it works the same way as the Internet worked when it first appeared. The need for transferring and exchanging data is satisfied by the internet; however, it was extremely unregulated and also unorganized when it first appeared. This reminds us of how the blockchain platforms are at present working.
The skill of blockchain to exchange real value can be considered as the only difference between the two. From that, the idea of the Internet of Value arose which was termed as Web 2.0 by Ripple in its official whitepaper.
The executive chairman of Santander bank, Ana Botin, at the time of Ripple’s partnership with this European bank said that blockchain based practices to make payments are much faster, much effective and also more profitable, at the same time safe and secure. The Santander banks users are allowed by this technology to make transactions that may be accessible to the receiver on the very day of the first transaction.
Further, the chairman said that they are even preparing to execute this technology in a number of markets by this summer.
Ripple and IoV
As with the Internet, any information is transferred from one side of the globe to the other side, the same way the Internet of Value or IoV is having the idea to create a blockchain-based environment that can transfer value from one place to another place in the world.
Ripple has the plan to create this type of environment and it looks that this company is coming nearer to realize the Internet of Value with every partnership they attain, especially, the fact that MoneyGram and many other financial services and banking institutions are using it.
The main aim of the XRP is to lessen the transaction cost while making the transactions quite cheaper and also easier to process having least percent of errors and bugs existing in the system. Also through their system, every person can exchange any kind of value, and Ripple even aims at reducing the time required to process the transactions that are sent worldwide. So in place of 3 to 5 days, using Ripple’s technology, payments are available and processed in seconds, which is considered as a remarkable progress.
With Ripple, Santander bank shares this idea; therefore this bank released an application known as One Pay FX, in partnership with Ripple. In UK, Brazil, Spain, and Poland this application is available and will soon be available in many countries.
Ripple’s xCurrent has powered this app through which only by using their phones, users can send their transactions throughout the world. In place of waiting for 3 to 5 days, all the transactions that are made through One Pay FX will be available on the same day for the receiver on which the transaction is made.
How is Ripple doing at the Current Moment?
Though XRP was doing quite well during the pronouncement of their partnership with one of the biggest banks in Europe, Santander bank, it looks as if this digital asset is once again sinking just as many other currencies are also falling.
Ripple began trading in the red while losing – 7.39% against the dollar, after the current change in the market. Even XRP is trading down against BTC for a bit over -6%. At the beginning of January 2018, it was the highest at 3.33$. With the recent change, Ripple can be bought at the price of 0.63$, which is very far from what it was in January.
