As time passes on Ripple is getting a strong hold over the SWIFT payment system. It has already been adopted by top financial firms and banks all over the world.
The largest commercial bank of Thailand, SCB recently announced that they will be adopting the payment system of Ripple. In a statement, SCB proclaimed that they will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.
The bank has asked its users to wait for the confirmation that when they will start using XRP for transferring of fiat currency. The crypto users across Thailand would have a lot of benefits if the SCB adopts the payment system of Ripple, that uses XRP.
The Siam Commercial Bank can complete a whole transaction in just one-minute time from two-day transaction time. If the bank goes on to adopt XRP, there would be a massive adoption of users from all over the state. Due to the top features that XRP provides to a financial firm for transferring of money.
Ripple’s XRP is a reliable, fast and secure platform for the daily usage of transactions. The fast-moving world needs such technologies that can work efficiently and with effectiveness.
What XRP has a possible benefit from these adoptions is that it is always a key aspect of XRP’s growth in the market, this increase its volume and provides more stabilization. The third largest crypto by market cap has a way to go and as its adoption increases, it might not have a strong instant impact on XRP, but in long run, it will definitely show strong progress.
Moreover, the advantage that XRP has is the support of U.S regulatory authorities and support from Trump administration. When we talk about big markets, there are some key stakeholders that impact the businesses in the market. This is a key aspect that XRP is evolving with the support of U.S authorities. The firms that are adopting XRP, keep this aspect in mind and this helps XRP’s growth across those countries where there is a strong influence of U.S.
Having a look at the market, in the last 24 hours XRP (XRP) was trading in green with 1% increase in its value. The market cap was around $16 billion with a trading volume of $1.55 billion. The trading price of XRP was $0.38 USD.