Ripple Expands Bank Partnerships Amid XRPL Growth Surge

XRP News: Ripple has revealed advancements in their banking partnerships, confirming that major financial institutions are now part of their payment program. This development showcases its increasing integration into the global financial system. 

In addition, the documents highlight the growing acceptance and utilization of the crypto company’s technology and the XRP Ledger (XRPL).

Ripple Major Bank Partnerships

In the latest XRP news, official documents reveal that Ripple’s payment network includes numerous major banks across various regions. The updated list of partners includes significant financial institutions in China, Hong Kong, and the Philippines. Notable banks identified in the documentation include the Agricultural Bank of China, Bank of Beijing, and Standard Chartered Bank. 

Despite previous doubts, the documentation confirms Bank of America’s ongoing engagement with the platform since 2018. The partnership with banks in diverse locations highlights the crypto company’s capacity to support various financial transactions and services.

XRPL Integration and Market Metrics

In addition to the XRP news, recent metrics from the XRPL provide insights into the broader impact of Ripple’s technology. Currently, 60.8 billion of Ripple’s native tokens are held in XRPL addresses, reflecting substantial engagement with the network. This figure highlights the extensive use of the crypto and its integration into various financial activities.

Concurrently, the XRPL continues demonstrating strong performance, with the total number of closed ledgers standing at 90,337,507. This indicates the network’s robust operation since its inception. Additionally, approximately 39.1 billion XRP are held in escrow, underscoring the liquidity available for on-chain transactions and smart contracts.

The upcoming launch of the RLUSD stablecoin on the XRPL is also expected to enhance the network’s capabilities. More so, the crypto company recently started minting RLUSD stablecoin on both the XRPL and Ethereum. This stablecoin aims to support liquidity and boost the overall functionality of the XRPL.

XRP/USD Technical Analysis

On the daily charts, the Moving Average Convergence Divergence (MACD) indicator for XRP/USD displays an increasing blue histogram, indicating a potential bullish crossover. The line’s upward trajectory implies growing momentum, which could increase buying activity if the trend persists. 

Amid these XRP news developments, WhaleAlert has reported a transfer of 26.69 million XRP valued at $15.49 million from an unknown wallet to Bitstamp. This significant transaction could signal potential selling pressure or strategic liquidity adjustments, impacting market dynamics.

At the time of writing, the XRP price is $0.5923, marking a slight decrease of 0.16%. The volume has surged by 20.64% in the past 24 hours, indicating increased trading activity and interest in the asset.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience. He has worked extensively with various media outlets on cryptocurrency trends and technologies. When he’s not analyzing the latest crypto developments, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.