As we know, the Chinese market is one of the most attractive in the world and to find its place is far from simple. It is necessary to show white paw before being able to hope to touch the countless Chinese consumers and the sacrosanct middle class. This week, Ripple (XRP) has set foot in China. A foot or rather a toe, but it’s already a beginning.
The strength of RippleNet
The RippleNet is the global spider’s web that Ripple weaves hardworking, bringing together an ever-growing network of banks and financial intermediaries. The successes of RippleNet companies are indirectly benefiting Ripple and that’s exactly what happened this week. Indeed, American Express (AmEx) has finally received the key of the Chinese domestic market.
Specifically, AmEx received a license on 9 November giving it access to the e-commerce market in China. This will be done through a joint venture with local company LianLian Group which is also a member of RippleNet. It is not yet said that the technology developed by Ripple will be used in this context but it opens many perspectives.
What impact on the price of the Ripple?
Buoyed by several rises since September 2018, the price of the Ripple suffered a severe loss on November 14 but limited the breakage compared to the course of Bitcoin (BTC). The trend seemed rather bullish this November 15 despite some sawtooth but we must remain very cautious. Its main competitor, Stellar (XLM), had a very similar curve.
And elsewhere in Asia?
Ripple published this week other good news about the Asian market. The entry of CIMB Group, one of Southeast Asia’s largest banks, into the RippleNet. This partnership will enable instant cross-border payments between CIMB’s different markets. The technology developed by Ripple will also improve CIMB Group’s SpeedSend product by opening payment corridors to Australia and the United States in particular.
Ripple is also very present in Japan. Mitsubishi UFJ Financial Group, Japan’s largest bank, recently signed an agreement in principle with a Brazilian counterpart to open a payments corridor between the two countries using Ripple technology.
While many have criticized Ripple in the past, we must recognize today that the existence of a product conveyed by the RippleNet associated with a cryptocurrency – in this case the XRP – is a force for Ripple because the two axes balance and this twinness allows Ripple to apprehend the future more serenely than others.