Ripple (XRP) has had quite a year – so far.
After plummeting to a multi-month low of $0.2684, it now sits at $0.4453. However, with the momentum just beginning, we believe XRP could challenge $1 before the year ends.
There were Plenty of Ripple Catalysts this year
For one, in the third quarter of 2018, sales of XRP reached $163.33 million from $75.53 million year over year.
Two, SBI Ripple just launched its blockchain-based money remittance app that may dominate Japanese bank transfers. The app, referred to as MoneyTap assists people to make real-time, free domestic transfers. This is accomplished by using Ripple’s xCurrent payment solution.
Therefore, in Japan alone, 61 banks support the new application.
Some of those banks include Suruga Bank, SBI Net Sumishin Bank and Resona Bank. Because of this technology, banks can perform cheaper, quicker transfers to and from other banks. All with the use of a QR code or a recipient’s phone number.
The Banco Santander Catalyst
Additionally, Banco Santander launched a mobile payment solution. This platform is powered by RippleNet, as well. It is big for three reasons. One, Banco Santander is the world’s ninth largest financial institution by revenue. Two, it’s the biggest bank in the Eurozone. Similarly, launching its own blockchain solution is significant news. In fact, it is a catalyst that could very well spearhead the adoption of blockchain in the financial sector.
Adoption by the 2020 Olympics could hand Ripple the gold, too
A petition by Ken Takahashi, can make this a reality. In fact, it just hit 13,930. By the year 2020 this list could prove substantial.
“Make XRP the official cryptocurrency of the Tokyo Olympics 2020″ says the petition.
According to the petition, “As tourists stream into the country, demand for the local currency skyrockets, causing long lines at currency exchanges, as seen at past events like Beijing 2008 and Rio de Janeiro 2016. Confusing exchange rates and language barriers further complicate the problem. We believe that the fast transaction times and security of Ripple Lab’s XRP cryptocurrency would be a great contribution towards solving this problem.”
Therefore, should this become a reality, Ripple would be in the global spotlight, and perhaps experience quicker global adoption.
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