XRP price rally imminent as SBI Holdings remains bullish on Ripple
- SBI Holdings considers XRP a bridge currency that reduces credit risk and pre-funding costs, enhancing competitiveness.
- Proponents revealed that SBI Holdings is working on building a system that allows XRP to buy vehicles.
- Analysts predict a 324% rally forXRP price based on Ripple’s latest partnerships and proceedings in SEC vs. Ripple case.
SBI Holdings of Japan shares financial results for the first half of 2021. The financial services company group plans to use XRP as a bridge currency for its plans.
Ripple’s enhanced utility value is expected to help drive up XRP price, with some technical analysts forecasting a target at $27.
Ripple is at the centre of SBI Holding’s plans for the second half of 2021
SBI Remit deployed Japan’s first international money transfer service using digital assets. The firm announced plans to further boost the utility of XRP in its financial results for the first half of 2021.
SBI uses XRP for international remittances from Japan to the Philippines in collaboration with SBI VC Trade and SBI Ripple Asia. Using the altcoin as a bridge currency has reduced the credit risk and pre-funding costs for the business.
According to SBI’s presentation, the firm has set up a car export business in Africa, and they intend to allow the use of XRP as payment for “SBI Motor Japan.” SBI’s plans for increasing the utility and acceptance of XRP within their business are expected to boost the altcoin’s demand.
XRP proponent @WKanheman recently tweeted about SBI’s financial results.
The SBI Q2 Report is out. Six slides bear upon #XRP and #Ripple and then I just type a couple more thoughts..
— WrathofKahneman (@WKahneman) October 28, 2021
1) First up - ODL makes the presentation! (p.181) JPY-PHP is Japan's first DA remittance service. https://t.co/tKiXxUHNnA pic.twitter.com/zmgv9ZLvRm
Ripple, the largest public holder of XRP, is working on a series of partnerships. The payments giant recently partnered with Pyypl, a blockchain-based firm. The partnership marks Ripple’s first On-Demand Liquidity (ODL) implementation in the Middle East.
The Middle East is home to two of the world’s largest remittance corridors. UAE and Saudi Arabia processed $78 billion in payments in 2020 alone, according to consulting firm McKinsey & Company.
Brooks Entwistle, managing director of RippleNet in APAC and MENA, was quoted as saying
The establishment of yet another first-in-market ODL launch demonstrates the understanding that digital assets will play a central role in the future of global payments.
Cryptocurrency analysts at CoinsKid, a YouTube channel that shares crypto price analysis and prediction, have set a target of $27 for XRP price. Based on their technical analysis, the XRP price is expected to break out.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
