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XRP Lower Despite Ripple’s Announcement of New Partnerships Across Emerging Markets

It’s ‘s Kiana with NewsBTC and here is your cryptocurrency update. Ripple, one of the most successful crypto companies when it comes to making big partnerships, has expanded its client base across the emerging market. Despite that, XRP’s price dropped below $1 on Wednesday, moving towards the 78% Fibonacci retracement level of $0.87. Ripple announced on Wednesday new partnerships with five banking and money transfer institutions across India, Brazil, Singapore, and China. These partnerships will help the institutions as well as Ripple as its other members will now be able to take advantage of its growing network. With this, Ripple is looking to rewire financial firms with Bitcoin’s underlying technology. Expanding to the emerging markets is a great move because there are high volumes of low-value transactions. But why didn’t Ripple’s digital token, XRP, feel the love on the partnership announcements? That could be because RippleNet doesn’t use XRP as of yet with the new clients. XRP would actually serve as a bridge currency and free banks from the expense and hassle of tying up money in different currencies at other banks. But because the firms haven’t been open to adopting XRP yet, Ripple is focusing on RippleNet as it continues to develop. They will potentially start marketing XRP-based products in the future, which could be when we’ll see the real surge in XRP’s value.Thanks for watching, invest responsibly, and I’ll see you with more updates next time.

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