California, USA – Ripple’s XRP gains 4.12%, having a price of $0.8194, even though it continues to face the lawsuit filed by SEC or the Security and Exchange Commission. According to experts’ predictions, it aims to strengthen its clutch on Asia.
The XRP price boosted up to $0.8194 in the past 24 hours, and this digital asset is gaining adoption after Ripple established a partnership with SBI Remit, Japan’s biggest money transfer provider.
Since SBI Remit became partners with Coins.ph and VC Trade, the opportunity established a new remittance channel. Ripple plans to use its “on-demand liquidity” or ODL strategy through XRP tokens using RippleNet. It aims to facilitate Filipino workers’ remittances, which is an estimated $1.8 billion yearly. Despite the potential of this digital asset in Asia, the competition is ongoing because of SWIFT Go.
SWIFT introduced SWIFT Go to let institutional banks, consumers, businesses, governments, and sovereign wealth funds send remittances without worrying about security. This provider handles over 11,000 funding institutions in 200 countries.
The performance of SWIFT in the industry puts doubt on some investors when investing in this cryptocurrency.
Another struggle that Ripple is facing is the lawsuit filed by the US SEC. As per SEC, Ripple sells this cryptocurrency as a security instead of currency. Regardless of the lawsuit, this digital asset improves its performance, jumping from $0.73 to $0.81.
Aside from that, the company bought a 40%-stake in Tranglo, and it targets to improve this token’s presence in the continent. According to the company, Southeast Asia only lacks a cross-border solution that can integrate payment as well. With its technology, it can use its ODL strategy for these partnerships.
Ripple focuses on growth in new markets. Experts expect XRP’s price to exceed further with its idea to go public once the company settled the case against SEC.