In recent days, the Ripple has become the third largest cryptocurrency after bitcoin and Ethereum with a market value of $ 51 billion
Why increased the value of Ripple?
Today in the early afternoon the entire cryptocurrency market faced a major correction. Almost all cryptocurrency except for a few, fell more than 10 percent. The bitcoin Cash Bitcoin and Litecoin fell by about 11 percent.
While the value of other cryptocurrencies fall, and they tried to keep pace, the price of Ripple has increased 7 percent. It deserves attention, since the value of the cryptocurrency has dropped significantly. In fact, Ripple is only one of the top 20 cryptocurrencies on the market, which rose for the day.
Analysts explain this increase in the price of Ripple newly formed partnership between SBI Holdings and major Japanese companies to issue credit cards. SBI Holdings is a large financial company in Japan, which works with a number of organizations, such as banks and schools. SBI Ripple Asia, a joint venture of SBI Holdings and Ripple, created a consortium of Japanese companies to issue credit cards for testing, implementing and deploying solutions on the basis of the Ripple blockchain.
“We plan to invest in the ecosystem to foster technology adoption Ripple,” said CEO brad Ripple, Harlingen on the TV show Squawk Alley channel CNBC. “We must remember that the price of a token in the long term depends on its practical value. Undoubtedly, in this system, a lot of deception.”
Currently more than 100 financial institutions using the Ripple network to process international payments and peer-to-peer transaction with less. Several banks, including one of Sweden’s largest banks SEB, use Ripple for payments of hundreds of millions of dollars in transactions for major clients.
In October it was reported about the partnership Ripple with French Crédit Agricole, Brazilian and Uruguayan Bexs Banco dLocal for the introduction of blockchain technology from Ripple. According to reports, the Financial Times, SEB turned 180 million dollars in the Ripple network.
“It is also stated that the Swedish Bank SEB used the Ripple system to transfer $ 180 million between Sweden and USA in recent months for cash management one of the major corporate clients of the Bank.”
The Role Of South Korea
On 27 December, the market of cryptocurrency exchanges in South Korea pushing prices at the end of November, centered on the South Korean market, the daily trading volume sufficiently high allowances.
Ripple is one of several cryptocurrency centered on the South Korean market. Optimism of investors concerning growth trends Ripple increasing over the long term, given the partnership between the South Korean and Japanese banks to process payments in the blockchain of the Ripple network.
When you add other banks and large financial institutions in the Ripple network transaction volume and user activity blockchain Ripple will continue to grow, thereby raising the price of the cryptocurrency.