XRP Shoots Like SpaceX, Japanese Banks use Ripple
Ripple’s bull is on the rampage once again. The token is up 10% in the past day, trading at $2.5635 on Sunday morning.
This was the biggest gain in a single day since January 1. The third most valuable crypto asset now has a market valuation of $148 billion. Ripple whales spent over $2 billion to amass over a billion tokens in the past week, causing a significant supply shock for the asset.
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On-chain metrics show that investors have taken out a substantial 13 million XRP tokens from exchanges in the last day, underscoring the ongoing accumulation by long-term holders. This continuous accumulation may provide XRP with significant support during its rally.
In addition to long-term holders, trader participation has increased dramatically. XRP’s open interest has increased by 31% since the breakout, affirming traders are actively participating in the market movement.
Markets remain extremely optimistic about XRP, forecasting significant price increases and possibly new all-time highs, particularly if it holds onto the $2.5 support line and overcomes the $2.72 is next.
XRP is integrated into the banking systems of over 50% of Japanese banks. SBI Holdings is spearheading this initiative and supports XRP’s On-Demand Liquidity solution, which leverages XRP to facilitate rapid and affordable international transfers.
The CEO of SBI Group, a major player in the Japanese banking sector, Yoshitaka Kitao, has expressed strong support for XRP and emphasized its use for international remittances.
Widespread use of XRP by Japanese banks could enhance their cross-border payment and foreign exchange systems, improving customer efficiency and transaction speed.
Financial institutions such as Santander in the UK, Itaú Unibanco in Brazil, Kotak Mahindra Bank in India, and CIBC in Canada have partnered with XRP to speed up their cross-border operations.
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