The Ripple price (XRP/USD) has fallen further on Tuesday, despite recent news indicating that banks are becoming more interested in the cryptocurrency’s underlying technology.
The third-largest cryptocurrency on the market had a difficult session on Tuesday, as investor sentiment worsened following Coinbase’s recent dismissal of rumours that it was looking to list XRP on its platforms. The digital coin ended the session at $0.922, down from its opening level of $0.954.
Even though Ripple’s market performance yesterday was overall disappointing, the cryptocurrency had a few of positive moments throughout the session. One of these came in the form of a sharp increase that lifted its price to $0.965, just a couple of hours before the session. This temporary spike followed an announcement indicating that some Japanese banks are increasing their support for Ripple’s distributed ledger technology.
Ripple, the San Francisco-based company behind the cryptocurrency, yesterday announced that it had developed, in partnership with a consortium of 61 Japanese banks, a mobile app that settles transactions instantly. The app, called MoneyTap, will allow customers of the banks to make instant domestic payments, “4 hours a day, seven days a week” It will only require a bank account, phone number, or QR code.
SBI Net Sumishin Bank, Suruga Bank and Resona Bank will be the first members of the group – known as the Japan Bank Consortium (JBC) – to make the app available to their customers this autumn. “This will be followed by a staggered roll out to the rest of consortium,” Ripple said in a blog post.
The members of the JBC are already customer of Ripple’s blockchain enterprise network, RippleNet. Last December it was announced that the consortium had started piloting Ripple’d DLT for cross-border payments between Japan and South Korea. Last week, Woori Bank, one of two South Korean banks involved in the tests, was said to have completed a cross-border remittance test involving Ripple’s tech.
Despite yesterday’s announcement, Ripple has seen further losses in today’s trading. As of 14:30 GMT the Ripple price stood at $0.908, down 3.4% from the same time yesterday.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.