One of the top cryptocurrencies of the moment, in terms of market cap, Ripple, has a very bright future. XRP saw a pricing surge after rumors about Western Union using the blockchain basis for money transfers started spreading, says Digital Trends, citing a report from Business Insider.
After the news started spreading, the value of the coin rose by 20 percent, while Western Union’s stock closed the day with a five percent rise. What’s very interesting, though, is that both Ripple and Western Union didn’t hurry to confirm the rumors.
If this will eventually happen, it won’t be the first time the two companies work together, as they already did in in 2015, when they developed a distributed payment protocols payment.
Big names are looking forward to using the Ripple blockchain
Ripple confirmed, through a tweet sent on its official account, that three major names in the financial industry are planning to use XRP in 2018. The tweet seems to be a response for a journalist from the New York Times. Initially, the newspaper claimed that they had trouble verifying some Ripple customers.
“3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018. Even more in the pipeline,” the tweet said.
If the partnership between Western Union and Ripple becomes reality, it would be a major step forward for the cryptocurrency, which could make its price go higher rapidly.
Besides this, a group of Japanese banks is also testing the blockchain technology behind Ripple, in order to use it in money transfers, while England-based Standard Chartered also owns a part of the company behind the cryptocurrency.
Is the future that bright for the currency?
Ever since the end of 2017, the coin registered a big surge in value. Currently, even though it costs just $3,10, it’s still the most valuable cryptocurrency on the market, right after Bitcoin, in terms of market cap.
A lot of analysts are optimistic regarding its future, but it’s still not clear if XRP can become an important and sustainable alternative to the rest of traditional currencies and money transfers.