Ripple's cryptocurrency, XRP, had the year from hell. From its January historical high it suffered one of the heaviest beating of all the altcoins and Tuesday dropped 93% to its lowest level of the year. However, the parent Ripple has probably made more partnerships than any other crypto organization so things can finally be turned to XRP.
Partnership with Bittrex for transactions in USD
In an announcement yesterday the blockchain firm based in San Francisco promoted its main cross-border payment platform, xRapid, revealing three new exchange partners. The blog post stated that in order for the product to see success, there must be a "healthy ecosystem" of exchange partners to "allow xRapid payments to switch from one currency to the XRP and return to a & # 39; other currency quickly and efficiently. "
The first of these exchange partners to be announced is the US cryptic exchange Bittrex. The exchange will act as a preferred means of changing currencies via xRapid in and out of US dollars. To work effectively with Mexico and the Philippines, Ripple also worked with Bitso and Coins.ph to offer the weight transactions in the two countries respectively.
Cory Johnson, Ripple's Chief Market Strategist, said:
"Bittrex is one of the biggest names in the digital goods business in the US The same goes for Bitso in Mexico and Coins.ph in the Philippines. makes today's announcement an important development for xRapid We have already seen many successful xRapid pilots, and as we move the product from beta to production later this year, these exchange partners will enable us to provide financial institutions the convenience and certainty that their payments will move seamlessly between different currencies ".
Remittances represent a huge volume of foreign currency in Mexico and in particular in the Philippines, where they account for over 10% of the island nation's GDP. Cross-border payments can be slow and expensive using traditional banking methods, this is where xRapid comes in to alleviate costs and speed up the process.
The XRP reacted to the news that provided an altcoin agitation. At the time of writing, trading had almost increased by 9% on the day and led the first fifteen cryptocurrencies. XRP is currently trading at $ 0.317, which is 25% higher than its 2018 minimum three days ago. The month however XRP is still falling, 37% less than $ 0.50 traded at this time last month.
Ripple continues to forge a road with new partnerships so this break in its price of encrypted currency is only a temporary speed hit on the digital highway that leads to a brighter future for cross-border payments.
Image from Shutterstock