Ripple known to be specialists in cross-border transactions are going at it with Etheruem who are more focused on dApp development. Currently, Ethereum may be at second place according to CoinMarketCap at a market capitalisation of $24,309,403,452. However, Ripple did take its place a few hours ago. Ripple is currently at a market capitalisation of $23,086,951,204 which is not very far away.
Tron’s founder Justin Sun congratulated Ripples Chief Technical Officer Stefan Thomas who explained in a tweet that XPR’s surge is a great achievement for Blockchain adoption.
XRP surge shows PNC Bank’s recognition of the Ripple protocol. With Bill Clinton keynoting Swell 2018, blockchain is going mainstream! As Ripple’s Greater China Chief Rep from 2014-16 and a Ripple shareholder, I’m confident financial institutions will adopt blockchain. #TRON $TRX
— Justin Sun (@justinsuntron) September 21, 2018
Ripple has made substantial partnerships with large banks and financial institutions. The latest is a tie-up with PNC bank, which is the 9th ranked bank in America in terms of assets and has a base of 8 million customers. PNC bank will utilise Ripple’s services for cross-border payments.
RippleNet is currently in 40 countries spread around the world in six continents. Its cross-border solutions are slowly diminishing the traditional payment solution of SWIFT. One thing to note is as Ripple is entering the banking stream, XRP may start to be needed once xRapid is established. Thus banks will need a surplus of XRP for transactions, leading to a considerable demand for XRP.
Ripple’s partnership with Saudi Arabia’s first established bank which is the National Commercial Bank will establish a connection between financial institutions in North America and Asia.
In the latest blog post by Ripple, the team highlights Ripple’s part in the internet of value.
“RippleNet solves for the inefficiencies of the world’s payment systems through a single, global network. With RippleNet, banks and payment providers can realize the promise of the Internet of Value, meeting customer expectations for a modern, seamless global payments experience while lowering costs and opening new lines of revenue.”
Ripple is bringing the speed of the internet to banking to make for cheaper and faster transactions which will help the overall goods and commodities international market.