Ripple Gains 9% Against The US Dollar After Swift Partnership With R3

Ripple increased this Wednesday by 9 percent against the US dollar and some believe that the increase is a result of the partnership between Swift and the blockchain consortium R3. In the altcoin news below we are analyzing the price movements of XRP.

Starting the day, the XRP/USD pair was trading at 0.2934 and as the sentiment moved the market, the pair continued to increase in the next three hours reaching a high up to 0.
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3292. By 13:00 today, Ripple had already risen by 12.2%.

The global banking giant Swift announced that they will be integrating R3’s finance platform within their Global Payments Innovation solution (GPI) when the CEO Gottfried Leibbrandt said:

 “We are announcing later today a proof-of-concept with the R3 blockchain on [a] trade where you can initiate a payment on the [trading] platform, and then it goes into GPI.’’

R3 had previously integrated Ripple Labs’ XRP token for their Corda platform and they also partnered with other banking giants such as Barclays and Royal Bank of Canada. In 2017 however, R3 took Ripple Labs into a legal fight for violating the purchase agreement of $5 billion XRP tokens. Both of the companies resolved the matter and XRP was the first integrated cryptocurrency in R3’s open-source blockchain solution.

Leibbrandt was reserved towards XRP as a global crypto payment asset saying that the banks are still hesitant to use cryptocurrencies because of their high volatility.

In the meantime, the senior market analyst at eToro Matt Greenspan expressed his bullish prediction about XRP but still staying it is a ‘’unique digital asset’’ adding:

‘’And when they knock on the door of a bank, the bank says tell us about it. They’re going to say ‘why are you holding onto a majority?’ That will be a reservation.’’