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XRP Fails To Rally As Ripple Scores Another Huge Remittance Deal; What’s Next For XRP Price?

zycrypto

19d ago

The Swell Conference, which is notably the largest event organized by Ripple, was held in Singapore earlier this month. Historically speaking, this event has ignited a rally for Ripple’s digital asset XRP. This year, however, XRP did not move as expected. In fact, the third-largest asset has retraced to around $0.258 at press time.

Moreover, this year, the Ripple team has worked extra hard to get numerous banks and payments companies to integrate their technology. Now, according to recent reports, SBI Ripple Asia is set to launch a remittance service between Japan and Vietnam. Nonetheless, Ripple’s XRP has remained lackluster. Are things looking up for XRP in 2020?

Per the announcement made a few days ago, SBI Ripple Asia has partnered with SBI Remit and Vietnam-based bank Tien Phong Commercial Joint Stock Bank (TPBank), to offer a remittance solution between Japan and Vietnam using Ripple’s distributed ledger technology (DLT).

In essence, this new project will utilize RippleNet to facilitate cheap and fast transfer of funds between the two countries. The partners expect this new remittance service to be a boon because of the growing number of Vietnamese citizens living in Japan.

Speaking about the collaboration, the representative of SBI Holdings, Yoshitaka Kitao, had this to say:

“The booming Vietnamese economy is one of the most attractive markets around the world. […] The adoption of RippleNet will further differentiate the company from its competitors. We will also develop remittance services that incorporates crypto-assets in the future.”

Notably, SBI Holdings is already a partner of global money transfer behemoth MoneyGram. During the Swell Conference, MoneyGram CEO Alex Holmes revealed that the company leverages XRP for as much as 10% of the company’s overall business between the US and Mexico.

Nonetheless, these new developments have failed to spur XRP bulls. The cryptocurrency currently sits at $0.258736 per coin, after shedding 1.5% of its value. On a weekly chart, it has lost around 7.3% and now trades down by almost 12% on a monthly basis. XRP is vulnerable to further downswing if buyers fail to strongly defend the $0.25 critical level.

To put it into perspective, XRP has failed to impress despite the many huge remittance deals Ripple has bagged this year, presumably because most XRP investors are awaiting news of these companies actually buying XRP, not just using other Ripple products like RippleNet and xRapid.

Ripple’s XRP is one of the only major cryptocurrencies that has seen a huge retreat this year. The digital asset has been on a downward trend ever since it posted a high of over $0.36 at the beginning of the year. XRP is presently trading below $0.26, but WalletInvestor suggests that XRP could perform better in 2020.

Per the Artificial Intelligence (AI) data service, XRP will be valued at roughly $0.65 per coin in 2020. Although this is not a grandiose prediction, it gives XRP investors a slight reason to be upbeat about XRP’s price next year. Nonetheless, whether XRP hits $0.65 in 2020 remains to be seen. In the short-term, however, it needs to get back to the $0.30 level so as to encourage the next push higher.

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