- Ripple’s 24-hour trading volume has dropped 55.42% in spite of the market consolidation.
- Moneynetint integration with RippleNet successfully completed.
Ripple is trading slightly in the red on Thursday. The upward move on Monday this week lost steam short of $0.5. XRP/USD has since then been stuck in range between the upper limit at $0.49 and the lower limit at $0.44. Ripple’s 24-hour trading volume has dropped 55.42% from roughly above $1 billion to the current $464 million. The market cap has also take a dip from the $23 billion that threatened Ethereum’s second position last month to $18 billion at press time. XRP/USD is exchanging at $0.475 amid the market wide consolidation. A break from the resistance range is expected in the near-term and investors hope that Ripple will embark on its journey to break above $0.7.
Ripple price is lagging reaction to the news that a foreign exchange company in the United Kingdom, Moneynetint has adopted the network’s RippleNet blockchain payment service. The firm mainly focuses on providing services to corporate customers. The news of the partnership was first mentioned by Moneynetint on Tuesday, October 17 2018. The firm said that the integration of RippleNet had been successfully completed. The next phase is to connect to other RippleNet payment providers across the world before rolling its cross-border services onto the new system.
The director of account management at Ripple, Nadeem Ladki expressed excitement regarding the partnership with Moneynetint. He stated:
“Their ability to now facilitate payouts in Israeli New Shekel – in addition to Euros – on behalf of other RippleNet members is another big step in expanding the overall network. By leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, increase the speed of settlement and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.”
RippleNet has over the few years since its inception landed over 100 members. These members encompass banks, payments and remittance providers all over the world. While Ripple has recently launched the xRapid platform, RippleNet has become the flagship product for the San Francisco-based blockchain company. The CEO of Moneynetint Yishay Trif said in comment:
“The processes of interfacing and approval between financial institutions, previously taking months or even years are now significantly reduced to a matter of days to a few weeks.”
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