Ripple Bags Remittance Deal, Though XRP Price Doesn’t Budge

According to a recent document, a key Ripple partner and XRP proponent, SBI Ripple Asia, has just confirmed that it will be working with SBI Remit and TPBank of Vietnam to offer remittance services through RippleNet. The document, published by a popular cryptocurrency commentator online, explains that the three partners have “started the first Japan-Vietnam money transfer service in real currency utilizing decentralized ledger technology, with a Vietnamese bank, Tien Phong Commerical Joint Stock Bank.”

This partnership will allow “real-time and low-cost transfer of funds between SBI Remit and Tien Phong Bank,” which will be enabled by RippleNet and related solutions built on that network. The partners believe that this new service will be important, especially as the “population of Vietnamese in Japan has grown 4.57 times over the past five years to 330,835, and the number is expected to increase in the future.”

The executives involved in this new partnership also expressed their excitement about this Ripple-centric deal. Nguyen Hung, CEO of TPBank, said for instance:

“Our cooperation with SBI Ripple Asia Co., on the application of blockchain technology in cross border money transfers marks an important turning point in enhancing our customer experience and makes international money transfers via TPBank faster, more convenient and safer than ever before.”

And SBI Group representative Yoshitaka Kitao complemented the adoption of RippleNet, before adding that his company has been and will take a focus on building “remittance services that incorporate crypto-assets in the future.”

Despite this new important deal, XRP has barely budged. In fact, the cryptocurrency is down by 0.43% in the past 24 hours, falling all the way to $0.262 as the bear trend seems to have taken over once again.

And unfortunately, things may just get worse from here. Per previous reports from Ethereum World News, trader Big Cheds noted that XRP/BTC’s chart implies pain for bulls of the third-largest cryptocurrency.

The popular trader pointed out that a few days ago, the chart printed a daily “bearish engulfing candle,” which is “a technical chart pattern that signals lower prices to come.” As Investopedia further explains:

A bearish engulfing pattern is seen at the end of some upward price moves. It is marked by the first candle of upward momentum being overtaken, or engulfed, by a larger second candle indicating a shift toward lower prices.

Photo by David Edelstein on Unsplash

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