The Ripple team released a blog release last week on Friday explaining the RippleNET and the benefits it offers the users and global financial transactions. Aiming to out-compete the FinTech firms, the RippleNET team will bring together an ecosystem of financial institutions to push the concept of IoV technology to ease global financial transactions.
“This network is generally made up of banks and payment providers that source liquidity and process payments, as well as corporates and FinTechs that use RippleNet to send payments.”
RippleNET’s Internet of Value
As explained above, RippleNET will integrate its system in an ecosystem of global financial service players to offer the users with a point of access to ‘a standardized, decentralized infrastructure for consistency across all global connections’. The decentralize peer-to-peer system also boosts the surety of the transactions and settlements as atomic pass-fail processing ensures greater certainty in delivery, and its bi-directional messaging capability provides unprecedented end-to-end transaction visibility for fees, delivery time and status.
The RippleNET blog report concluded offering the banking systems to join their platform in an aim to reduce the overall cost of transaction cost and increase the speeds,
“With RippleNet, banks and payment providers can realize the promise of the Internet of Value, meeting customer expectations for a modern, seamless global payments experience while lowering costs and opening new lines of revenue.”
XRP price pulling away from Bitcoin and the market trend
The common thought of the cryptocurrency market following the price trend of Bitcoin is fading away from some of the digital currencies despite the increasing dominance of Bitcoin over the course of the year. Ripple (XRP) in particular has seen its price trend pull away from Bitcoin’s influence in the past few months. Not only has XRP shown a negative correlation with Bitcoin but the overall market as a rise is price of XRP comes at a time the market is generally in a bearish momentum.
As seen in the latest prices [as at time of writing] the top ten coins were in a slight slump in the last 24 hours except XRP and Ethereum (ETH), which also has had its moments so far in the year. The price of XRP rose by 1.41 percent in the past 24 hours to top the $0.5373 USD mark in a period that ETH increased by 2.81 percent to close at $232.62 USD per coin.
The decoupling of XRP is heavily dependent in the recent positive news coming from the company that pushes the currency towards independence from BTC’s dominance and systemic pressures. Ripple Inc. will be the biggest beneficiary if this trend continues as it offers more investors (newbies and experts) to get a hold of the workings of their systems.
In the past few days, news of xRapid going live in the coming days may have caused the sudden soar in Ripples price as banks and financial institutions are keen to adopt the technology. The xRapid feature will help these corporations to make cross-border funds transfers reducing greatly the cost of transfers. U.S. bank PNC also announced last week that it would begin using RippleNet to process international payments for its clients.