By
Chimamanda U. Martha
May 10th, 2024
After Ripple has entered into a partnership with the international remittance platform SendFriend, XRP has reached its highest total in 30 days.
This week, crypto market is enjoying growth, with majority of the coins rising in price. Over a period of seven days, Bitcoin, digital currency number one, has increased by 1.27%. Ethereum, cryptocurrency whose blockchain is generated by the Ethereum platform that runs smart contracts, has gained 6.6% over the last week and currently makes up $210.34. Such coins as Basic Attention Token (BAT) and ZCash have been making gains of 4-8%. The total market capitalization of all cryptocurrencies is up $2.8 billion from its yesterday’s top of $209.8 billion and is currently sitting just below $213 billion.
XRP, the third largest cryptocurrency by market capitalization, is no exception. On Monday, the currency surprised its users, jumping by 6% in value to hit a one month high of $0.5. Over a period of seven days, the market capitalization of XRP rose by an astounding $2.1 billion, which makes it the largest winner among the top 10 cryptocurrencies by market capitalization. Over the last twenty four hours, the coin gained 12.08%. At the press moment, XPR price makes up $0.5193.
A New Partner to Use xRapid
XRP’s reaching its highest total in 30 days is due to the recent Ripple’s partnership with SendFriend, the only international remittance platform based on the distributed ledger. As a result of the deal, SendFriend is using Ripple’s xRapid blockchain technology.
SendFriend allows the transfer of funds across the border with its app and cuts the remittance cost up to 65% by leveraging the blockchain technology. Backed by such companies as MIT Media Lab, Barclays, TechStars, MasterCard Foundation, and Mahindra Finance, SendFriend aims at reducing the costs and improving the experience for overseas workers who send money back home to their families.
For SendFriend, xRapid is perfect solution. Designed for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience, xRapid dramatically lowers the capital requirements for liquidity and makes the cross-border transactions not only less costly but also faster.
Ripple to Gain Traction
Earlier, Ripple reported more than a double increase in revenue collected from XPR tokens sales, thus shattering the crypto-community to their ground. According to data presented by the company, the revenue collected from the sales of XRP token in the last four months almost two times exceeds the amount Ripple has gained for the previous quarter.
Ripple’s chief marketing strategist Cory Johnson believes that such a success is due to the nature of XRP which is much better than Bitcoin. His view is reflected in Ripple’s new ad that demonstrates how long does it take in our high-tech century to transfer money across the world and explains why Ripple is the best solution to the problem.
Recently, Ripple announced plans to fully enter the Asian market and market of the Middle East by setting up a base of operations in Dubai. A new office is scheduled to be opened by the end of this year.
Moreover, Japanese SBI Group, one of the major financial institutions in Japan with billions of dollars in assets, is considering variants to develop a project for R3 in the framework of which XRP will be used more extensively. Such a step will contribute to further popularity of XRP and expansion of the company.