Ripple has been increasing its price since the lasts months of the last year. Now in 2018, it keeps this ascending pattern that does could keep its positive direction. Several rumours have been circulating about the possibility of Western Union to start using Ripple’s platform. In the last weeks, Ripple has increased its value and Western Union’s stock closed 5 percent up.
Ripple and Western Union Partnership
This is not the first time that Ripple and Western Union work side by side. In 2015, these two companies developed a program for distributed payment protocols. At the moment, there was not an official confirmation from Ripple or Western Union. Ripple has written in Twitter that 3 out of 5 global money transfer companies are planning to use XRP in 2018.
The products that they are going to integrate within their platforms is known as xRapid. The is XRP liquidity product that was tested by several companies with good results. According to some specialists, this method is 100 percent more efficient than using previous transaction systems. Bitcoin was used but transactions costs and times are reducing its effectiveness. Using XRP middle sized banks can reduce operational costs by using the network provided by Ripple Labs.
3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018. Even more in the pipeline. https://t.co/5JOlxe20Ur
— Ripple (@Ripple) January 5, 2018
During the last year, Ripple’s price kept stable around $0.2 dollars. In December, it started to grow exponentially. On December the 11th, the currency was traded at $0.23 dollars and its price reached $3.79 dollars some days ago. The cryptocurrency did not crash after this surge but it keeps traded stable near $3.1 dollars.
If we see that the partnership is confirmed, then the cryptocurrency could receive a really important price increase. But it is also important to mark that the markets tend to anticipate future events. If the information has already been shared, then the impact at the moment of the announcement may be smaller.
Other enterprises have been using Ripple and partnered with it in the past. For example, Visa, Santander Group or UBS. The RippleNet has added more than 100 different clients from all over the world, including financial institutions, banks and other enterprises.
The Ripple xCurrent product is also used by several institutions from different parts of the world. This product allows to settle cross-border payments with end to end tracking instantly.
At the moment of writing this article, Ripple is the third most important cryptocurrency by market capitalization with $100 billion dollars. Bitcoin keeps being the most important one with $283 billion dollars. Ripple is being traded around $2.57 dollars after the week-end.
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