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PNC Financial now part of Ripple money transfer network

27 September, 2018, 09:26 | Author: Melinda Barton
  • Ripple Welcomes PNC Bank into RippleNet

Stellar and Cardano have been among the other biggest acute gainers, both assets surging by 24 and 19 percent respectively in the same span.

To speculate on the whether XRP can actually succeed in kicking bitcoin off the throne, first we should consider the reasons behind the explosive increase in the XRP price.

"The high transaction values, coupled with market sentiment following the announcement on Monday could indeed be the reason why XRP reached new highs, having gained almost 50% in the last 24 hours".

The decentralized system of RippleNet is based on the agreement made between the Ripple executives and other network participants, who deploy the same blockchain system, besides adhering to the standard set of payment regulations. With this process, banks are making more money.

"Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organisations and individuals". Asian exchanges dominated headlines; Zaif exchange suffered a $60 million hack and Binance opened beta for its Singapore exchange and announced plans to open 5 - 10 crypto to fiat exchanges by this time next year. Larsen used an example of sending a cross-border payments from the United States to Mexico. How exactly does it work?

Birla also stated that the real selling point for banks is not having to wait several days for cross-border payments to settle.

The company has struck deals with various high-profile financial institutions, including Santander and American Express.


Later in March, a Japanese bank consortium said it will launch an instant domestic payments application "MoneyTap" also driven by the technology of Ripple. However, Ripple then answered that the sample was quite small to see a difference. RippleNet has grown to more than 100 financial institutions and continues to expand steadily each month.

Moreover, PNC has already completed a pilot phase and proof-of-concept for the payment rail and now the firm is absolutely ready to start utilizing xCurrent in a production environment. However, it seems XRP ran out of momentum but ETH didn't, as Ether is now at a market cap of $24,792,894,213 ($242.82 +15.07%) whereas XRP is back down to $22,049,371,765 ($0.55 +27.91%).

The blockchain startup has come up with xRapid - a technology that allows cross-border payments using the company's native token XRP.

Sarghai thinks that regulations helped the way the crypto market improved.

But, one concern in regards to the short-term price trend of cryptocurrencies is the low volume of Bitcoin.

Jed McCaleb is probably one of the most prominent personalities in the crypto field.

Birla said it is "exciting" to see Ripple's efforts begin to be be implemented, particularly in emerging and under-served markets.

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