XRP is in the spotlight as Germany’s leading financial entity Deutsche Bank, announced a partnership with Ripple to enhance its settlements with a blockchain ledger. The new payment infrastructure will be used for cross-border settlements, foreign exchange operations, and digital asset custody. This adds a new feather in the fintech’s cap, allowing it to solve monetary issues plaguing the industry.
Blockchain technology-based payments are gaining predominance in the traditional financial sector. The ledger cannot be tampered with and remains foolproof once the data is registered. Any form of tampering with records is impossible due to the unique combination of cryptographic techniques. Ripple is leading the segment with the latest partnership with Deutsche Bank, making XRP reclaim the spotlight.
Also Read: Why $2,000 in Ripple (XRP) Today Could Outperform Bigger Bets
Ripple’s Deutsche Bank Partnership: How Did XRP React?
Ripple’s native token XRP barely reacted to the collaboration with Deutsche Bank on Thursday and Friday. Its price mostly remains stagnant with little to no enthusiasm in the charts. The leading altcoin is moving sideways at $1.40 and is down nearly 0.6% in the day’s trading session. Its price is already under pressure with fears of a dip below the $1 mark looming.
This is because Ripple’s collaboration with Deutsche Bank has nothing to do with XRP. Despite being on the same boat, both are different, as XRP’s performance depends on the cryptocurrency market. There is no direct bearing on the token on Ripple’s ventures with leading global banks. The altcoin has shed nearly 48% of its value in a year, even after several collaborations with the fintech firm.
However, Deutsche Bank and Ripple did not provide further details about the project’s timeline for completion. The rollout timeframe was withheld, as the bank is looking to streamline the blockchain technology for better efficiency. Market participants must note that this partnership means nothing to the XRP’s price prospects.
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