Do Banks Need Ripple XRP to Facilitate Money Transfers?
Ripple Labs penetrated the financial markets by solving a key issue that was plaguing the global banking sector for decades. It provided banking clients with a product to seamlessly facilitate money transfers with the help of blockchain technology. Leading financial institutions like Bank of America and JP Morgan are using Ripple’s services to secure their transactions. Despite the partnerships with top banks and fintech firms, Ripple’s XRP has barely surged in price. Also Read: XRP’s W-Pattern Targets $40 as XRPL EVM Sidechain Goes Live Why XRP Does Not Surge When Ripple Partners With Major Banks? Source: Bitcoinist Even after banks extend partnerships with Ripple Labs, the financial institutions don’t have a need to deal with XRP tokens. Ripple offers two different products: RippleNet and On-Demand Liquidity (ODL) which are primarily separate from each other. Using the ODL to facilitate money transfers, XRP plays the main role as it is used as gas for settlements and...