Stocks App from Apple Sends XRP Price Upwards
Apple company now reportedly has added Ripple (XRP) to their popular stocks app. Bank XRP tweeted:
So while the stocks app users track other currencies and traditional stocks, they can now reportedly find XRP listings paired with USD, Great British Pound (GBP), Japanese Yen (JPY), and a number of other major world fiat currencies. There are even trading pairs for Bitcoin (BTC) and Ethereum (ETH). Nasdaq is reported to be providing the financial data while Bitstamp is handling the USD pairings.
A few days back, it was announced that TRON (TRX) would be supported by Apple’s stocks app. Notably, Ripple (XRP) seems to have the most support on the app as there are more trading pairs available with the bank-oriented cryptocurrency. Because of this new listing, XRP price is up slightly by 2.60% over the last 24 hours, according to CoinMarketCap.
Ripple Company Has Solid Products
The cryptocurrency market has been following a bearish cycle due to the heavy onslaught of crackdowns by regulatory authorities. Despite this, cutting-edge technologies and products developed by Ripple company such as xRapid are not going unnoticed by the people that closely follow and work in the crypto space. Notably, tests performed using xRapid technology show that remittance payments can be processed while saving between 40-70% on transactions.
Even more impressively, xRapid transactions are much faster compared to using traditional methods. Whereas it took 24-48 hours to process payments with the legacy systems, with xRapid these transactions now take a few minutes. Should MoneyGram and Western Union begin using this technology, there’s a very good chance that the market capitalization of the Ripple platform could rise significantly. Reportedly, XRP is being used for these transactions and it’s being obtained directly from the crypto markets.
Big Name Companies Supporting Ripple And Crypto
There are now an increasing number of apps that are listing XRP as well. There’s the popular UK-based Revolut app, whose company provides a “digital banking alternative” with cryptocurrencies, which now just began supporting XRP. London based LMAX exchange, which has helped investors trade $10 trillion in fiat currency since its inception in 2010, has also recently announced the launch of a Financial Conduct Authority regulated cryptocurrency exchange.
Not only will stocks apps for cryptos help to accelerate adoption, but also big name companies such SBI Holdings, a Tokyo based financial services company, is set to a launch a digital currency exchange some time this summer. Moreover, lead cryptographer working for Ripple, David Schwartz, and the large Ripple community share the belief that interoperability is the key to move the global financial system forward. Speaking at the TNW conference held in Amsterdam, Schwartz stated:
“From the earliest days our vision was to create a cross currency system built on interoperability. There should be a system where paying in any currency is possible.”
So, with the addition of many of cryptos to frequently used stocks apps and the expected pouring of investments from institutional investors, it appears that the cryptocurrency market might be in a for another bull run. This time though, there will be a lot more solid technologies built around the crypto ecosystem to hopefully sustain the run.