- False rumors surrounding BlackRock’s shift from Bitcoin to XRP lead to a temporary price rally.
- Ripple solidifies its position in Asia with a new partnership focused on XRP-enabled remittance solutions.
BlackRock’s False Tryst with XRP
Ripple‘s XRP recently witnessed a whirlwind of emotions in the market, mainly sparked by the rumors of BlackRock, a leading global investment company, reallocating its focus from Bitcoin to XRP. This hinted transition had the potential to dramatically reshape the crypto market’s landscape, causing XRP’s price to ascend momentarily. However, these tides soon reversed when Budhil Vyas, a prominent crypto figure on X (previously known as Twitter), debunked the rumors. Consequently, XRP’s valuation experienced a subtle decline.
Don’t fall for the Rumors that the World’s Largest asset manager is Dumping BTC for the Ripple-backed digital asset 🔥
A thread 🧵 pic.twitter.com/dPaMDVhRA7
— Budhil Vyas (@BudhilVyas) September 16, 2023
Analyzing the XRP Sentiments Post Revelation
Post revelation, market sentiments around XRP displayed noticeable negativity. Data from LunarCrush highlighted a dip in XRP’s social engagement and an overall negative shift in market sentiment. Specifically, bullish sentiment around XRP decreased by 22%, while bearish sentiment saw a 5% upswing.
Ripple’s Strategic Move with SBI Group
Almost simultaneously with the rumor fiasco, Ripple struck gold with another strategic partnership, this time with SBI Group, signaling its growing adoption in Asia. This collaboration revolves around introducing XRP-powered international money transfer services to the Philippines, Vietnam, and Indonesia starting September 2023.
📰 @Ripple, Tranglo & SBI Remit have announced a joint venture, SBI Ripple Asia. The primary focus of this collaboration is to introduce Ripple’s XRP-enabled remittance solution to bank accounts in the Philippines, Vietnam & Indonesia starting this month.
Since 2017, SBI Remit… pic.twitter.com/FCF7N90Tg5
— Uphold (@UpholdInc) September 17, 2023
However, the most exciting aspect is the process. SBI Remit initiates the transaction by sending the customer’s payment request, and in response, SBI VC Trade dispatches XRP in real-time, underscoring the cryptocurrency’s potential in instantaneous global transactions.
But not everything was sunny. Despite the promising partnership, XRP’s network activity remained somewhat muted. Data from BitInfoCharts emphasized that XRP’s total transactions and daily active addresses experienced a decline since August.
In the broader picture, XRP currently stands at a valuation of $0.4942, boasting a market capitalization surpassing $26 billion. Whether this SBI partnership and future endeavors propel XRP further remains a story yet to unfold.