By
Temitope Olatunji
April 18th, 2024
The price of yet the third largest cryptocurrency in terms of market capitalization continues to spiral upwards following the announcement made by a joint venture between Ripple and SBI Holdings.
It seems like the stars have perfectly aligned for the Ripple native coin to take over the dominance at the shattering cryptocurrency market. For quite some time XRP has already been gravitating towards the second place in the list of cryptocurrencies with the biggest market volume, even replacing Ethereum for a couple of hours, but yet the coin’s triumph did not last long as pretty soon the XRP price plunged again and Ethereum recovered the ground it has lost.
Today everything might end up differently. Several major announcements made the other day have bolstered the enthusiasm of Ripple’s supporters while triggering a wave of bullish trend at the market.
Previously Coinspeaker reported one of the most powerful U.S.-based cryptocurrency exchange Coinbase has introduced the new listing rules that open a gateway of digital coins joining the exchange offerings.
According to the statement published on the exchange’s official Twitter account, Coinbase has significantly facilitated the process of new coins’ listing that is still restricted to the local law. The modified procedure signals a green light for many cryptocurrencies that are not listed at the exchange yet. Among these digital coins is Ripple whose investors suggest the XRP will be the next big extension added to Coinbase offerings.
Nevertheless good news for the Ripple community does not end here. On Wednesday, the joint venture between Ripple and the Japan-based SBI Holdings, SBI Ripple Asia has completed registration with the Kantou bureau of Japan’s Ministry of Finance as a licensed agent for handling electronic payments. This move is essential milestone towards the company’s efforts to launch its blockchain-based payments app for consumers.
The highly anticipated MoneyTap is able to streamline peer-to-peer money transfer for retail users over a DLT network. The app that is said to be available on both iOS and Android devices performs as a third-party transaction agent that uses blockchain as the underlying technology and connects with open APIs among participating domestic financial institution.
Notably that Japan’s Financial Services Agency (FSA) requires any entity wanting to operate as an agent to handle electronic payments using banks’ open APIs to be registered with local finance bureaus. Therefore the project’s rollout has been postponed until SBI Ripple Asia got an legal approval for the services. Currently the company is testing its own DLT-based crypto token called “S coin” in a move aimed to boost retail payments efficiency on mobile devices.
At press time XRP is traded for as much as $0.53 exhibiting a 18% growth over the last 24 hours. A threshold of somewhat $1 million separates XRP from the Ethereum market capitalisation and it all suggests that in case Ripple wins over the second place it will be a long-lasting position.