One of the most popular cryptocurrencies at the moment, Ripple, has managed to reach a cooperation agreement with National Bank of Egypt (NBE).
NBE is considered the largest Egyptian bank at the moment and is officially the first such institution in the country to accept and explore blockchain technology. The bank managed to do that by becoming a member of the RippleNet network. All members of the network can make instant and affordable cross-border payments, meaning that NBE has discovered a whole new world of opportunities by becoming part of the network.
The vice-chairperson of NBE, Dalia El-Baz, stated for a news outlet called Youm7 that the network called RippleNet had already managed to unite more than 300 financial organisations and institutions all around the globe.
Some of the advantages NBE gained with this partnership include improved foreign currency earnings and better liquidity management, according to El-Baz.
Ripple also made a very important strategic move when it comes to making partnerships, as Egypt is currently considered the fifth-biggest remittance market in the entire world. The total transaction value in this country is expected to be approximately $20.5 billion, as stated on Ken Research. This fact alone proves that Ripple is on a good way to achieve its final goal — facilitating cross-border payments.
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But that’s not all the good news for Egypt. One of the biggest Ripple partners, MoneyGram, has recently started operating in the North African country as well. MoneyGram signed a deal with a bank called Suez Canal Bank, and one of the key deals is that customers of the bank will be able to receive money right into their accounts.
Needless to say, both sides showed huge optimism, as the deal has been created to offer a win-win solution to both National Bank of Egypt and Ripple.
Good news always spreads fast and affects the cryptocurrency sphere. Therefore, let’s take a closer look at how Ripple’s cryptocurrency, XRP, is doing at the moment.
Ripple (XRP) — Will the Cryptocurrency Be Affected by the Deal?
As a cryptocurrency, Ripple is a very important player in the crypto sphere. Let’s just make a quick overview of the current state of affairs. If you’re interested in learning more about how this cryptocurrency works, there are plenty of good sources where you can read all about Ripple/XRP crypto.
At the moment, XRP is located in third place in terms of the total market cap. Although it is nowhere near Bitcoin or Ethereum, it’s still doing a pretty good job. Right now, Bitcoin’s market cap is $187.89 billion, whereas Ethereum’s cap is $27.84 billion. However successful, Ripple’s market cup is “only” $12.95 billion.
Since the circulating supply of XRP exceeds 43 billion XRP, the price of every unit is rather low and can be obtained for $0.296 per coin at the moment. Nevertheless, according to CoinMarketCap, the trading volume for this cryptocurrency is still very high.
The strategy adopted by the company operating Ripple is definitely paying off, as the cryptocurrency is considered very popular nowadays. Although it’s still nowhere near BTC when it comes to mass adoption, Ripple has been performing rather well nevertheless.
Conclusion: Ripple Is on a Good Path
It’s very difficult to make any kind of prediction when it comes to the world of cryptocurrencies, as it is still very new to us. All cryptocurrencies are unstable — their prices change almost every second, and Ripple is no exception to the rule. It’s in the same volatile area just like Bitcoin, Bitcoin Cash, Ethereum, and other popular cryptocurrencies.
However, one cannot help but notice that the company behind Ripple, RippleNet, is doing an outstanding job when it comes to promoting its business (and the cryptocurrency along with it).
If the officials continue working hard on promoting Ripple and don’t break the streak of numerous great partnerships achieved with organisations all over the globe, Ripple is bound to have a bright future. Yet, as previously stated, putting cryptocurrencies and the future in the same sentence is always a risky move, even for professionals in the industry.
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