Ripple (XRP) keeps giving the crypto community reasons to believe in its technology and solutions. The continuous and relentless march towards global adoption just went a notch higher this week. Now you have three more reasons to have a serious look at XRP.
The 3 reasons come in the form of Rippled v1.0.0 update release, confirmation by Santander that OnePayFX was growing bigger, and SBI’s platform launch. What Ripple are building can only mean XRP will get even more attention as a cryptocurrency.
Ripple updated -Version 1.0.0 is out
The release of this update is a culmination of developments that have taken almost 6 years. According to a post on the ripple.com, this release builds on the various updates and improvements made to the software over the years.
What’s more, the development team notes that “v1.0.0 also symbolizes the growing maturity of the software and the increased stability of the decentralized, growing network of nodes that are running the software all around the world.”
Ripple has recommended that server operators should ensure they upgrade to rippled v1.0.0 by Thursday, 2018-06-14. This is meant “for service continuity.” If an operator fails to upgrade, they risk having the server “amendment blocked”.
What this means is that the server operator won’t be able to process transactions, vote on any future amendments, participate in validating the ledger or consensus.
The update is vital as it enhances the XRP Ledger as the “root ledger of XRP, a digital asset designed to bridge global currencies for payments.”
Santander’s OnePay FX signals growth
Ripple partnered with Santander earlier in the year; before the bank went on to develop OnePay FX. The mobile app is the first such mobile application that’s powered by the revolutionary blockchain technology. With it, the bank is able to provide a seamless, faster and cheaper means for millions of users to make international payments.
The partnership isn’t a new development, but adoption rates mean progress has been made. The revelation by the Santander Group that more than “50% of the bank’s annual international transfers are carried by the Ripple-powered blockchain” confirms Ripple’s stature as the leading cross-border payments solution provider.
Team Ripple confirms this on their blog, saying that “millions of Santander’s customers in Europe now have access to same day, cross-border payments, a critical improvement from the three to five days it traditionally takes to send money internationally.”
The Santander Group has also indicated that they will roll out the app to at least 24 more countries around the world. Ripple just got a big boost from these developments.
The launch of SBI Virtual Currencies platform
The SBI Group is one of the premier partners of Ripple. The leading banking services provider in Japan has had plans to launch a virtual currencies trading platform since 2017. It seems those plans are about to be rolled out and the primary beneficiary is expected to be Ripple (XRP).
In January, it was announced that because of its monumental growth, SBI Holdings would use the XRP as the only digital asset supported at launch. Suggestions elsewhere say that other cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) could also be added. That remains to be seen, but XRP is one currency that is set to feature prominently on the platform.
At the time of signing the partnership, SBI Holdings’ CEO and Executive Chairman Yoshitaka Kitao had given reasons why they chose Ripple.
“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.”
The launch of the Virtual Currencies platform will offer Ripple a big boost in its efforts to have XRP gain traction around the world.
Ripple (XRP) price and market performance
The XRP price looks to be about to build some bullish momentum as the weekend rolls in. the currency has had some upside pressure mounting over the week and it could be one of the rare weekends in the past few weeks that it ends in green. The coin’s upturn will much likely depend on sentiment elsewhere, but a lot comes from the platform’s growth.
At the time of writing, XRP/USD is slightly better than the leading coins above it. It’s trading at $0.62 against the US dollar and sees its value gain by 1.78% and 2.01% over the last 24 hours and 7 days respectively. The coin will need to find support at key zones if it has to maintain any sort of upturn it gets over the weekend.