It is now clear that the wind of cryptocurrency is sweeping across the banking sector. With critics still thinking the financial sector is unshakeable by the digital coin technology, Ripple (XRP) seems to be proving them wrong. A deal between the digital coin outfit and the Bank of America seems to be offing.
So far, Ripple flagship products are getting adopted by major banks seeking to ease the bottlenecks of cross border trade. Any bank worth its salt should jump in and satisfy the modern consumer needs and the Bank of America needs Ripple more than any other blockchain outfit in the market today.
Why Does the Bank of America Need Ripple (XRP)?
No everyone can afford opening a bank account with the Bank of America as of now but with Ripple, it will be possible. This will mean the bank gets more users across the globe as Ripple adds to its subscriber base. It is all about numbers and the amount of business the coin can bring to the bank.
Currently,Ripple (XRP) has partnered with several banks of repute across the world. This could be the best time for the American financial institution to be part of the network of affiliate. Ripple will offer a focal point where banks can work together serving the ever increasing consumer base.
The xCurrent is software specifically designed for the banking sector that makes cross-border money transfers easy secure and fast. Adopting the software, the Bank of America can serve its clients fast and securely. With the tool, transaction costs are lowered and transparent. This will earn the bank trust and confidence from the masses.
Ripple xCurrent Software
Already Santander Group is using the xCurrent and the client feedback across America and Europe is something to go for. Banks that are using the tool are already seeing the benefits. This is an enterprise products that enables ease of cross border trading with real time results.
In a development presentation availed through Reddit:
“Ripple provides an opportunity to reduce complexity of integration to enabled partners, standardize data protocols and formats and eliminate errors and reconciliation through use of blockchain distributed ledger technology”
It appears that this are some of the areas where the banking sector is hard hit and adopting Ripple technology is the easiest way out. In addition, the presentation continues to say:
“Pilot to enable more efficient cross-currency payments by reducing lengthy/unknown settlement times, eliminating multiple layers of cost and providing greater transparency over FX, fees and data shared between originator and recipient.”
The quote however did not single out the Bank of America but a partnership could be very beneficial to all stakeholders.
What’s Holding Back Ripple (XRP) Price
This is not a question that affects Ripple (XRP) price as a single entity but the market has been going south for the better part of May and the networks efforts are yet to start bearing fruits. The market leader, Bitcoin, has been battered and the price has been hovering around $7,500 and the ripple effect has cascaded to the Altcoins.
Signs of the market recovery are beginning to show and a Ripple (XRP) breakout seems to be in the offing. The price of XRP has been a concern for the investor and things could be changing for the better.
With increased use cases being reported, Ripple (XRP) is soon becoming a threat to Bitcoin and Ethereum and this is the right time to buy and hold. By the end of 2018, the XRP coin will be trading at the $10 mark threshold.