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It is not necessary to search far and wide to find news about Ripple establishing partnerships with large banking companies, such as the Santander One Pay FX app.
One Pay FX is just one example that sees Ripple work closely with a major banking group, other examples include SBI of Japan and ATB Financial of Canada. A key part of Ripple's business model is the provision of important partnerships. Working with major national banks, Ripple is securing the adoption of their technology, giving them new customers and a guaranteed workflow that should be around for years to come.
We must stress that these partnerships are not yet aimed at encouraging the adoption of XRP. Obviously, the adoption of xRapid in turn brings XRP to the fore, however, Ripple is not yet ready to see the adoption of XRP as a real-time currency, but is still simply used as a small part of the global technology package that Ripple offers these banks.
Even so, people still expect these partnerships to have a positive impact on XRP, because XRP is gaining attention as a result of this. Now, can we assume that this focus will encourage more investment in XRP, even if, if it were indeed so, XRP would still be as badly evaluated as it is at the moment?
Are these partnerships impacting?
Bravenewcoin.com I have published an article that discusses some research on this, looking at XRP at the network level, it becomes clear that Ripple's partnerships are not having a major impact and therefore, we are not seeing the results we would expect to see in XRP a year ago .
According to Bravenewcoin:
"The suite of business and banking solutions that make up RippleNet is currently available in 40 countries and the tools are provided by the company behind XRP, Ripple Labs and include; xCurrent, which processes the global bank for bank payments for customers and is similar to SWIFT; xRapid, which went live on October 1 and provides on-demand liquidity through the purchase and sale of the XRP token, and xVia, which connects to RippleNet to send one-way payments. RBC capital markets at the end of June found that RippleNet processed transactions in 3-5 seconds, compared to more days than traditional settlement procedures and saved 46% of user costs. "
So, the tests carried out by these banks have been a success, Ripple's new partners are seeing the inherent advantages of using Ripple technologies to facilitate international payments (for example), but still, through the Ripple network , it is difficult to see real benefits.
"On the network side, there are 921 public nodes with 140 validators.The first 100 major XRP accounts hold 80% of the money supply.Your daily transactions have continued to decline since January and are currently at levels the last time in 2014. "
It seems that transactions on XRP are at a low level since 2014, many years before these partnership announcements could ever have been imagined. This means that less XRP is moved around the Ripple blockchain, erasing the idea that Ripple's partnership announcements will encourage a greater flow of XRPs. Furthermore, concerning active addresses:
"Daily Active Addresses (DAAs) have declined substantially since January, although data is missing between April and July, DAA is currently sitting at last-seen levels during the July-October period of last year. in DAA it should be considered a bullish indicator for the price, as it suggests an increase in demand ".
With less addresses moving XRP, we can not really expect the price to move. As the above quote states, an increase in DAA could suggest a price hike, even if it seems like a way out. As research continues to suggest, people are not moving XRP around, it is left to stagnate, the opposite effect we would expect from major partnership announcements.
Finally, fewer people are trying to find out more about XRP:
"Google Trends for the term" XRP "remains sharply in the course of the year with a small peak in September" Slow growth in searches for "XRP" preceded the upward trend in the fourth quarter of 2017 , probably reporting a large chunk of new market participants at that time.A 2015 survey found a strong correlation between data on google trends and the price of bitcoins.A study in May 2017 concluded that when the Google searches "Bitcoin" in the United States drastically increase, the price of bitcoins decreases ".
What we should take from this
It may seem all a bit complicated, but from the findings reported by Bravenewcoin we can see that the less XRP is moved, the less the addresses are actually moving XRP around and, finally, the less people use the Internet to find out more about XRP.
The interest is declining, investments are falling and, overall, the XRP community seems to feel rather pessimistic.
Clearly the new banking partnership announcements have not had a significant impact on XRP, even if it does not mean that it is bad news. At the moment, XRP suffers from the bear market, so we can not write it yet. Through more partnerships and more growth from Ripple, XRP should once again go up. A potential future price of $ 3.00 and above is not unrealistic for this cryptocurrency and, therefore, XRP is still a product we are very excited about.
Perhaps moving forward, Ripple can help XRP to benefit from the benefits of their future banking partnerships and to express in their wake how important these partnerships are, so the XRP could start to see the benefits of the fantastic work that is being done Ripple.
