After a rough month for Ripple (XRP), investors and enthusiasts in the coin were offered a hope in the previous week. Both JP Morgan and Western Union both hinted at adopting the Ripple technology that XRP depends on. JP Morgan has recently announced of a new payment system that offers services that are similar Ripple Technology while Western Union is currently testing integration of the technology. This recent news caused the coin to pass the $1 mark for the first time this Monday since the cryptocurrency bloodbath began a month ago. Ripple (XRP), currently trades at an average price of $1.15. This new system offers a hope for Ripple as the coin hopes to hit the $3 soon.
JP Morgan’s recent announcement of a new U.S payment system, the first in 40 years, has left Ripple fans and investors with a vision and hope of better things to come. The company announced the Real Time Payment (RTP) system that will increase the speed of transactions within the banking system, broadening the scope of efficiency to business processes and allowing a two-way communication between the payer and the payee’s bank. All this is done in seconds in a secure, fast and transparent environment.
Speed, transparency, integrated information and process simplification have a Ripple effect of benefits.
This comes just a month after Brad Garlinghouse, CEO of Ripple Inc., posted a picture of JP executives in Ripple offices with the caption, “There were 15 senior executives from JP Morgan in our office this afternoon.” Seems they had something planned.
This January, the bank’s CEO backtracked on his earlier comments made on Bitcoin that it is a ‘fraud’. “[This are comments] which I regret making. The blockchain is real,” he told Fox Business on January 10th.
The Bitcoin to me was always what the governments are gonna feel about Bitcoin as it gets really big, and I just have a different opinion than other people.
He added, The similarities between JP Morgan’s RTP and Ripple (XRP) technology are very clear. Does what RTP do sound familiar? Yes. The Ripple platform that is powered by XRP allows bank to bank transactions in a secure, transparent and fast platform. The blockchain offers a centralized platform, unlike other cryptocurrencies that makes it suitable blockchain for banks to use given the massive benefits it has to the banking industry.
JP Morgan’s RTP payments announcement further states the term ‘Ripple’ in its statement leading to high expectations amongst the Ripple community.
The bank stated on its website that this product will soon be launching in the US but did not state the actual date of release. This news will come as a relief to all Ripple (XRP) holders. As more banks watch the progress of the system at JP Morgan, a success of the Real Time Payment system, ‘Ripple-like technology’, will see more banks adopt it. This will open an avenue for banks to finally consider using Ripple technology and XRP that comes with it. Good news all XRP fans!!