Red Waves and Ripple
The waves of red continue to occur within the cryptocurrency markets, and the causes and explanations for it seem to be varying. Some say the red is happening because of the regular trend that takes place around this time, as prices of Bitcoin and other cryptocurrencies have taken nosedives in the past. These price fluctuations have affected some currencies more intensely than others, one cryptocurrency that seems to be receiving a significant hit is Ripple’s XRP. XRP has already gotten a substantial hit because of the recent correction and has seen it’s price decrease from an all-time high in December of $3.65. Apparently, it flew too close to the sun and saw a price depreciation, dipping to around the one dollar range. Over the last week though we’ve seen a further decline in its price, from seventy-five cents to eighty-five cents. The price seems to be fluctuating under the dollar level much to the chagrin of many XRP holders.
Actions despite prices
This is an interesting turn of events because the team at Ripple has continued on a tear lately. A recent action of note has been the announcement made by the financial institution, Credit Agricole. The firm is seeking to improve the experience of their customers through simplifying and speeding up cross-border credit transfers carried out by its customers working overseas. They are going to be working with Ripple and are testing out their product with the private blockchain technology, the test will check for the speed of credit transfers between two countries. After the test, the process would take place in the form of a mobile application deployment that the customer can access right from their mobile device.
Use cases after possible deployment
Customers will be able to enjoy settlement and transfers in local currencies seamlessly from their bank to the other bank. They will be able to enjoy the settlement of transactions in real time with the availability of accessing time-stamped, unfalsifiable records instantly. Lastly and probably most importantly, customers can be able to see and experience transparency and a decline in their costs of transfer.
Duration of Test
The test is set to take place over the course of six months and will be run by a division of the company called Credit Agricole Payment Services. The test will cover the transfers of salaries in Swiss Francs for a portion of their cross-border customers, and the transfers will take place from the regional bank Credit Agricole des Savoie and Swiss Bank Credit Agricole Next Bank. The financial institution and the San Francisco based company, Ripple, will be presenting their results and the challenges that they faced during the test at a Fintech Forum in Paris.
Investors of XRP asked Credit Agricole on twitter if they would use the company’s digital asset.
The institution responded:
When asked if they would be tapping into the digital asset in the future, the company further stated that they would be taking the process step by step.
Honestly : step by step 🙂 Let’s try this experiment first and we’ll be able to say more afterward !
This one and the Santander project will be one to watch regarding success and the potential utilization of Ripple.
About Credit Agricole:
Crédit Agricole Group is the leading financial partner to the French economy and one of the largest banking groups in Europe.
It is the leading retail bank in Europe as well as the first European asset manager, the first bancassurer in Europe and the third European player in project finance. Built on its strong cooperative and mutual roots, its 138,000 employees and the 31,000 directors of its Local and Regional Banks, Crédit Agricole Group is a responsible and responsive bank serving 52 million customers, 9.3 million mutual shareholders, and 1.1 million individual shareholders.
Thanks to its universal customer-focused retail banking model – based on the cooperation between its retail banks and their related business lines –, Crédit Agricole Group supports its customers’ projects in France and around the world: insurance, real estate, payments, asset management, leasing and factoring, consumer finance, corporate and investment banking.
Crédit Agricole also stands out for its dynamic, innovative corporate social responsibility policy, for the benefit of the economy. This policy is based on a pragmatic approach which permeates across the Group and engages each employee.