SBI’s Money Tap Pushes XRP Price
Ripple’s XRP is showing some positive signs again on news SBI Holdings has launched MoneyTap with a San Francisco-based mobile application firm.
Japan’s largest financial institution, SBI Holdings, which also operates a cryptocurrency exchange service powered by Ripple, has teamed up with a San Francisco-based mobile application to launch MoneyTap. The service allows local bank account holders to transfer money instantaneously anytime and anywhere, reported Hacked.
The launch of MoneyTap quickly benefited XRP as the cryptocurrency showed signs of activity on Thursday. As of 3:50 a.m. UTC, XRP was trading $0.529981, up 0.22% from the previous day, data from CoinMarketCap showed. XRP trade volume reached nearly $650 million on Thursday with a total market capitalization of $21.2 billion.
The report stated that XRP is emerging as a significant market trendsetter since September, as industry analysts are predicting a major upward tick could provide crucial support for tokens and altcoins and hopefully trigger a rally.
MoneyTap generates confidence
According to Hacked, at least three financial institutions have already signed up for MoneyTap’s quick bank-to-bank transfer comprised of Resona, Suruga, and SBI Sumishin Net Bank. To use the app, users only need a phone number, local bank account, and QR code. MoneyTap is available for download for iOS and Android devices.
The rollout of the app also comes as Ripple hosted a high-profile payments system in San Francisco. The event featured popular celebrities, including former U.S. President Bill Clinton and famous economist Gene Sperling. It also coincided with the unveiling of Ripple’s latest xRapid service platform.
Within days after the announcement of the launch, Ripple Labs revealed that three U.S.-based financial firms had signed up for the xRapid platform. They are Catalyst Corporate Credit Union, Caullix, and MercuryFX.
In September, XRP saw its prices surged after an executive from Ripple hinted of the upcoming xRapid service roll out. Although the value of the token has corrected in recent weeks, XRP is still trading at a significant discount, insiders said.
On Wednesday, XRP was trading $0.51 after the enthusiasm generated by xRapid, and the Swell conference only inspired a short-term spike in prices. At its recent peak, XRP traded at $0.76, with some even suspecting the price drop was a concerted manipulation.
On several occasions, XRP briefly overtook Ethereum as the second-biggest cryptocurrency in the world.