XRP Boom! Ripple Prices Skyrocket After Partnering With Companies From Japan And The Philippines

Causes of the rising price of XRP (Cryptorecap)

JAKARTA – The price of the cryptocurrency XRP skyrocketed after the company announced that Ripple Labs was collaborating with companies from Japan and the Philippines, SBI Remit Co. Ltd and Coins.ph in the launch of On-Demand Liquidity (ODL) on Wednesday, July 28 yesterday. As if awakened from sleep, Ripple prices immediately jumped.

Ripple Labs' partnership with SBI Remit has successfully launched "Japan's first international money transfer service using crypto assets." SBI Remit is a line of companies from SBI Fintech Solutions, which is one of the largest remittance companies in the country of Sakura, as reported by Bitcoin.com News.

While Coins.ph is a well-known crypto exchange and mobile wallet service from the Philippines. Coins.ph is owned by Betur Inc. regulated by the Philippine central bank, Bangko Sentral ng Pilipinas (BSP).

"This expanded partnership will allow SBI Remit to connect with Coins.ph and the digital asset exchange platform SBI VC Trade on Ripplenet for faster and more affordable cross-border payments from Japan to the Philippines," Ripple wrote on its official blog.

In addition, SBI explained that after sending money starts through SBI Remit, SBI VC Trade will send XRP directly to the Coins.ph crypto platform. Then the platform will convert XRP to the local Philippine currency, the Peso. The recipient will get the money transfer quickly and cheaply.

The collaboration of the three major companies raised the price of XRP which skyrocketed more than 16 percent on Wednesday. At that time the price of XRP was at the level of Rp. 9,183 which immediately rose to a price of Rp. 10,647 based on data from CoinMarketCap.

"The Filipino diaspora is currently the third largest in Japan," said Ripple Labs.

In 2020, the flow of remittances from Japan to the Philippines has reached 1.8 billion US dollars. On the other hand, sending money from Japan to the Philippines has to cost quite a bit of transfer.

In the future, Ripple Labs will develop more adoption of On-Demand Liquidity services based on Ripplenet technology. Besides being cheap and efficient, remittances can also arrive in real time.

"The launch of ODL in Japan is just the beginning, and we look forward to continuing to drive the next financial innovation, beyond real-time payments not only in the Philippines, but to other regions as well," said Remit's SBI Representative Director, Nobuo Ando.

This is a positive development for Ripple amid its battle with the US Securities and Exchange Commission (SEC) at the court. Ripple itself explained that if the problem was resolved, the company would immediately go public.