Ripple and XRP rise in tandem; banking sector lays down the path for the cryptocurrency’s developments-AMBCrypto

The cryptocurrency market has been undergoing multiple highs and lows with many coins seeing price changes on a daily basis. The bear has reigned supreme over the past week with popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] feeling the pinch. XRP, on the other hand, has taken a different route in this market atmosphere, becoming the biggest gainer among the top ten over the past week.

XRP’s rise has coincided with Ripple’s rapid development movement in the cryptocurrency space. This week gave Ripple a big boost after it was announced that the company in a partnership with MoneyMatch, had conducted the first ever cross-border transaction out of Malaysia. Adrian Yelp, the CEO of MoneyMatch had stated post the announcement:

“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.”

Ripple’s foray into the mainstream banking sector has been emphasized by two major developments. Just recently Ripple’s partnership with banking behemoth, Banco Santander came to fruition when it was revealed that the bank had teamed up with SWIFT to go live in four different countries across Europe and South America.

The announcement stated:

“With SWIFT gpi, Santander can now offer a rapid cross-border payments service – with real-time payments tracking and transparency on bank fees and foreign exchange rates.”

BNP Paribas was the other major cog in Ripple’s development juggernaut, partnering with Earthport which had tied up with the cryptocurrency company back in 2014. The underlying workings of Ripple have helped Earthport in providing its customers with seamless transactions and faster results, according to the company’s officials. Amanda Mesler, the Chief Executive Officer of Earthport further stated on the partnership:

“The collaboration is focussed on evolving our network and setting new industry benchmarks on predictability and transparency for our clients and their customers”

Crypto Destroyer

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