Ripple’s arrival in the Japanese foreign exchange market in the context of its strategic collaboration with SBI Holdings is a documented achievement. But there were new trends when SBI’s FX Trade section introduced new trading pairs with a 30-60% fee reduction. That was in line with the savings made by employing Ripple’s xRapid technology based on XRP (XRP).
SBI Holdings tested Ripple xRapid technology and boosted the XRP trading volume
xRapid uses XRP as the interim currency for cross-border transactions and thereby ensures on-demand liquidity with no need for Nostro accounts. That leads to a 40%-70% reduction in fees, and the completion of a transaction in less than a couple of minutes, compared to the two days the current traditional banking systems need to fulfill a cross-border payment.
The most significant conclusion is that the trading volume rose when the new forex trading pairs on SBI FX Trade went live, a fact noticed yesterday evening. And this one is in line with the “Synergy” approach referred to in SBI Holdings’ June bulletin. Additionally, the simplified trading on the SBIVC exchange would enable a straightforward exchange from JPY to XRP.
XRP (XRP) surged yesterday by over 6%
The recent event had a somewhat significant impact on the XRP (XRP) market. The price has risen by more than 6% yesterday evening, jumping from a low price of $0.42 to a high one of $0.45 in only a couple of hours.
However, at the moment of this writing, XRP (XRP) trades at $0.44, dropping by 2.29% in the last 24 hours.
Any possible future upward trend is not yet in sight, but the ongoing use of the XRP by SBI Holdings in its foreign exchange transactions would lead to a significant increase in XRP (XRP) trading volume.
Also, Bitbank, an exchange platform, secured about 12% of the total XRP trading volume, becoming the leading XRP trader for XRP/JPY pair.
Next, there comes Bithumb, the renowned South Korean cryptocurrency exchange platform, which seized 8% of the XRP (XRP) trading volume.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.