Ripple News Update
Yesterday, in a statement that received surprisingly little attention, the Japanese Bank Consortium unveiled a mobile app built on Ripple’s distributed ledger.
The app is called “MoneyTap.” It will give customers the power to send money around the country with zero delays, rendering the “three to five business days” model completely meaningless. (Source: “Ripple Powered Mobile App to Provide On-Demand Domestic Payments in Japan,” Ripple, March 6, 2018.)
Consumers will have access to Ripple’s blockchain through their bank, in other words.
Also, this is not a case of one, isolated bank conducting a pilot program in the financial wilderness. The Japanese Bank Consortium accounts for 80% of all banking assets in the world’s third-biggest economy! It is a prime market for Ripple.
At the moment, Japanese consumers are boxed in by absurd rules. No transactions before 8:30 a.m. No transactions after 3:30 p.m. No transaction on weekends.
These rules make it difficult to send money, despite the fact that we live in a world where everyone carries connected devices in their pockets.
I’ve always said that Ripple would be the first to solve this problem for consumers, in large part because it is willing to work with banks rather than against them. This keeps them out of regulators’ line of fire.
You might expect XRP prices to be soaring after yesterday’s announcement, but that’s unfortunately not the case. Cryptocurrencies, as a whole, are trapped in a deep bear market that locks their fates together.
As a result, Ripple prices are down 1.85% against the U.S. dollar, bringing the XRP to USD rate to $0.923051.
The funny thing about markets is that in the short term, they are ruled by perception.
So if investors are bearish on the whole cryptocurrency market, neither heaven nor hell can convince them otherwise. But in the long run, markets are a different beast—they are subject to fundamentals.
This is one of the many reasons we will leave our $10.00 Ripple price prediction unchanged; the fundamentals for Ripple simply look too good.