PNC Bank joins an impressive retinue of the world's largest financial institutions now on RippleNet's list of customers. Generally in these bubbles, after you go through several months of a downtrend you hang out in a range for a while... If Ripple had followed through with its commitment, R3 would have been able to purchase XRP tokens worth $1.2 billion for only $42.5 million.
The executive also addressed reports suggesting Ripple's xRapid product would be launched in the next month or so.
R3's complaint and lawsuit originated from the fact that the XRP price increased over 3,000 percent previous year. The last time XRP, which is majority-owned by Ripple, overtook Ethereum for the second place spot was in September 2017. With this process, banks are making more money.
Ripple's Sarbhai said that more than 120 banks are now partnered with Ripple, using the blockchain-based product xCurrent.
Since last two days we have seen a surge in the Ripple XRP token, now it has surged to nearly 50%. Ripple's vice-president for product management Asheesh Birla said that this was a first step towards using other Ripple products: "It's a way [for the banks] to get their toe into the water".
If Ripple does succeed in replacing SWIFT, many banks may transit in XRP which means that banks will have to buy XRP leading to a rise in XRP demand.
Ripple sees the KSA as one of the world's largest sources for remittances over the last ten years. According to information disseminated throughout 2018, the cross-border payment system has been a hit with financial institutions around the world.
This news comes as a boost for Ripple as some experts in the crypto industry have started to become skeptical about xCurrent and its use for cross-border payment.
The World Bank says that global remittance managed to eclipse $600 billion previous year. Unfortunately, Western Union mentioned that Ripple's product never really helped them lessen the cost of cross-border transactions.
Although nearly all markets are in the green today, the dramatic price surge in Ripple buying seems to have prompted by announcements earlier in the week about the xRapid payment system, along with news that PNC bank will be using the Ripple network to facilitate worldwide transfers.
Later in March, a Japanese bank consortium said it will launch an instant domestic payments application "MoneyTap" also driven by the technology of Ripple. And I think some in the crypto community have been very much, 'How do we destroy the government. However, the only factor that makes cryptocurrency is the technology behind it which is absent with the dollar, digital distributed ledger [blockchain technology].
Birla said it is "exciting" to see Ripple's efforts begin to be be implemented, particularly in emerging and under-served markets.