Is Ripple going to take over Japan? Will XRP collaborate with Japanese banks? Will XRP make a revolutionary turn in the
crypto world by doing this? Find out all about this by watching this video. Hey guys! Welcome back to XRP Daily, the best spot for
your daily dose of everything XRP and cryptocurrency. In today's video, we will be talking about
Ripple's XRP, and how XRP will be used by the largest credit card issuer in the US! So be sure to stay focused! If you are new to the channel, be sure to
subscribe to the channel, and turn on post notifications by hitting the bell, so you
never miss any of our uploads. Now with the intro out of the way, let's get
into today's video! The Asians have discovered a new cryptocurrency
that you might probably already know about.

Ripple (XRP) is a top five cryptocurrency
with a whopping $45 billion market cap of 6.21%, which is beating every major crypto
coin out there and surpassing $1 for the first time. The company is run by CEO Brad Garlinghouse,
who has held senior executive positions at AOL and Yahoo! between 2003 and 2012. Ripple's XRP has attracted several critics
among the cryptocurrency community. While cryptocurrencies are hyped as a decentralized
means of exchange, some cryptocurrency enthusiasts have cited the firm's partnerships with banks
and its majority stake in XRP as a cause for concern. The company has partnered with some financial
institutions to let them use its digital asset to speed up payments. One of its most notable partners is U.S. money
transfer giant MoneyGram, which is testing the cryptocurrency through Ripple's payment
network xRapid. A few days ago, Ripple said that another partner,
Cambridge Global Payments, would pilot XRP for payment flows through xRapid.

Cambridge Global Payments is a business-to-business
(B2B) payment firm of New York-listed finance company Fleetcor. Also, Ripple scored a significant coup in
Japan. It is one of the most popular altcoins in
this nation, with the e-commerce giant Rakuten’s exchange announcing that it will resume trading
the XRP token. Recently, in an official release, Rakuten
Wallet stated that it would begin XRP trading on September 8. The company “temporarily” suspended XRP
trading on Christmas Eve in 2020, citing liquidity concerns likely linked to the SEC’s legal
battle with Ripple. The SEC claims that Ripple executives sold
XRP as an unregistered security, although Japanese regulators have previously stated
that the token is “not a security” by their reckoning. However, less than a year after Rakuten Wallet
"temporarily suspended" its XRP services, and the firm has decided that "liquidity can
be secured" and that it can assure a "stable price delivery" to its XRP customers. The company went on to add a warning about
volatility in the crypto market and advised users to “understand the risks before using”
its service. XRP’s popularity has traditionally been
high in Japan, thanks in no small part to Ripple’s partnership with the domestic banking,
crypto and securities giant SBI – one of Rakuten’s biggest crypto sector rivals.

As recently as June 2020, the coin ranked
second only to bitcoin (BTC) in a Twitter token popularity poll conducted by the Line-run
Bitmax exchange. Out of 1,498 respondents, 26% said that BTC
is the coin they liked most, with 25% choosing XRP. ethereum (ETH) came a distant third with
9%. However, a number of Japanese exchanges quickly
followed suit with the large group of international exchanges that delisted XRP after the SEC
began its legal struggle with the Ripple executives in the United States. That legal war is still ongoing. But after winning a series of minor victories
in recent months, Ripple has suffered something of a setback. The SEC had been pushing for a motion that
would force the executives to hand over access to scores of Slack messages sent by company

The defendants had hoped to keep the handover
of Slack messages down to a minimum. But per the legal firm representing a group
of XRP holders who have attempted to enter the legal battlefield, the presiding judge
has told Ripple to “produce more Slack messages from a wider group of custodians.” Some 22 Ripple employees or former employees
are included in this group. Ripple has traditionally used the Slack platform
for most of its internal communication. The SEC had demanded an "emergency conference"
on the matter. But Ripple could well hit back with a question
that could strike at the heart of the SEC's decision-making process. The Hogan & Hogan partner Jeremy Hogan noted
that a Ripple-submitted motion could force the regulator to state its position on other
major altcoins, including Ethereum. The CEO and co-founder of Polynom Crypto Capital,
a Moscow-based cryptocurrency and blockchain investment fund manager, Alexey Ivanov, "Asians
are going mad for Ripple,". As today's price gains are largely driven
by Asian crypto gamblers.

Ripple has seen trading volumes increase over
the last 24 hours by nearly 25% at South Korean exchange Bithumb and 10% on Bitfinex in Hong
Kong. Ripple is a digital payment system that allows
discounts for its service for those who pay to use it in the Ripple coin. A while ago, the company said that a coalition
of 61 banks in Japan, organized by SBI Ripple Asia in Tokyo, will launch a new digital payments
systems pilot program with Woori Bank and Shinhan Bank of South Korea using the Ripple
blockchain network. Cryptocurrency investors believe that Asia
accounts for at least a third of all cryptocurrency trading volume, with the main adopters coming
from Japan, South Korea, and China via Hong Kong. While Ripple has a service, its hefty valuation
is dependent on that service actually becoming a payments system companies will want to use.

Nearly all startups issuing their cryptocurrencies
are massively overvalued, but investors are pouring into these new coins anyway. Those who are not worried about losing all
of their investment capital believe they have nothing but upside once they get over the
fact that their investment may become worthless. For those with severe money to burn, the upside
is hard to ignore. For traditional investors, none of this makes
much sense, but in these early innings of the bitcoin hype, fundamentals don't matter.

Investors who put $15 to work to buy just
one bitcoin in December 2012 now have over $15,000. Investors believe that if they put the same
amount of money into ripple, or other lower priced coins, they might get a similar outcome. "The entire cryptocurrency industry is exploding,
and ripple has done a great job positioning itself as one of the key entry points for
institutional investors," said Rob Viglione, one of the founders behind ZenCash, yet another
blockchain infrastructure company geared up towards encrypted, anonymous financial transactions. Japan and South Korean banks are expected
to start test driving RippleNet in the first quarter.

Ripple's San Francisco office was not yet
open for immediate comment. The coin will primarily be used for institutions
and not for retail transactions like Western Union or PayPal. The cryptocurrency changed hands at $0.74
during the European hours, hitting the highest level since June 21 and representing a 13%
gain on the day, according to CoinDesk 20 data. Buyers stepped in around $0.65 after Ripple
announced that Japan's money-transfer provider SBI Remit, Philippines mobile-payments service
Coins. ph and crypto exchange SBI VC Trade have teamed
up to carry remittance payments from Japan to the Philippines using Ripple's on-demand
liquidity (ODL) service. Filipinos based in Japan send almost $2 billion
to their home country every year. According to Ripple, it's a costly affair
because Japan has one of the highest remittance costs in the world. "It's almost twice as much as the average
of all the G-8 countries," Ripple noted. ODL uses Ripple's xRapid cross-border payment
service and allows customers to transfer funds using XRP, making transactions relatively
faster and cheaper. "This is Ripple's first On-Demand Liquidity
(ODL) service implementation in Japan, setting the stage to drive more adoption of crypto-enabled
services in the region," Ripple said.

"By leveraging the digital asset XRP to eliminate
pre-funding, the two companies can also free up capital and accelerate the expansion of
their own payments businesses." The news comes on the heels of a long-standing
battle between Ripple and the U.S. Securities and Exchange Commission (SEC) that weighed
heavily on XRP last year's end. Well, guys, that's all we have for you today. What are your thoughts on Ripple's XRP taking
over Japan? Do you think XRP has massive potential to
be big in the future? Get involved and let us know in the comments
down below! If you guys liked this video, then be sure
to give this video a big thumbs up! Also, if you don't want to miss out on any
new future videos then be sure to click on the subscribe button and turn on the notification
under this video so that you're notified the next time we upload a video on the latest
XRP and Cryptocurrency news.

Until the next video comes out, you can watch
our other videos about XRP or other cryptocurrencies. Thank you for watching, and we will see you
again in the next video goodbye..

You May Also Like