Ripple Adds Five New Clients – But The Coin Still Plunges, Here’s Why

Five New Clients

Ripple’s xCurrent, xVia, and xRapid products continue to grow in the financial sector; the distributed blockchain technology announced partnerships with five new clients from four different countries.

Five new clients from the Banking and Payments Services industry will use ripple’s blockchain technology to advance their systems.  

Two banks – IndusInd from India and Itaú Unibanco from Brazil, will use its xCurrent product. InstaReM (money Remittance Company from Singapore) will also adopt Ripple’s xCurrent to speed up the transaction time and reduce costs.  

Zip Remit and Beetech, payments services companies, decided to employ Ripple’s xVia product to improve the international payments.

Ripple said: “Whether it’s a teacher in the U.S. sending money home to his family in Brazil or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”

Before this agreement with five new customers, Ripple’s products had attracted several prominent companies and Banks, including MoneyGram and the Saudi Central Bank

Then Why XRP Price Plunged Substantially?

Five New Clients

XRP price dipped almost 10% on Wednesday morning to $0.93. Ripple price has been under pressure since the start of this week after hitting $1.21 during the weekend; the market capitalization also plunged to $36 billion.

Though there was no negative news related to XRP, the broader selloff in the cryptocurrency markets due to fresh regulatory concerns impacted XRP price. The United Kingdom announced it would review cryptocurrencies so as to better understand the potential risks and rewards for its economy and financial system.

Nicky Morgan, chair of the committee, said: “People are becoming increasingly aware of cryptocurrencies such as Bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors.

The arrest of Jon Montroll, the owner of BitFunder exchange, also impacted trader’s sentiments. The arrest signifies an increased crackdown from U.S. authorities on illegal activities using digital currencies.

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