JPMorgan's Blockchain Payments System Challenges XRP's Dominance

XRP's recent rally has come to an end as it fell by 2.2% in the past 24 hours, reversing some of its gains from the previous week.

This downturn comes as traditional financial institutions continue to develop their own blockchain-based payment solutions, targeting the same market as the XRP Ledger.

JPMorgan Chase has expanded its Blockchain Deposit Accounts to eight major currencies, allowing clients to transfer balances and swap supported currencies in real-time, with transactions recorded 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.