XRP Slumps After Rally Amid Bank-Led Blockchain Payment Revolution
XRP's recent price surge has come to an end as the asset lost 2.2% in the past 24 hours, reversing some of its gains from the previous seven days. The decline follows a period of strong performance and comes as traditional financial institutions are launching their own blockchain-based payment solutions.
JPMorgan Chase is expanding its Blockchain Deposit Accounts to eight major currencies, including the US dollar, euro, British pound, Australian dollar, Hong Kong dollar, Japanese yen, Chinese yuan, and Singapore dollar. This system allows clients to transfer balances and swap supported currencies around the clock, with transactions recorded directly on JPMorgan's blockchain infrastructure.
Citigroup has also rolled out its 24/7 USD Clearing network, which reaches over 250 banks in more than 40 markets. Citi's Token Services supports the movement of tokenized commercial-bank deposits using blockchain technology.