XRP Drops 2.2% as JPMorgan and SWIFT Reshape Bank Payments

XRP's recent rally came to an end as it dropped 2.2% in the past 24 hours, following its significant climb of 49.4% over the last seven days.

This downturn comes amidst a changing landscape for blockchain-based payment solutions, with traditional financial institutions launching their own services targeting the same market as the XRP Ledger.

JPMorgan Chase has expanded 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.

With this system, clients can transfer balances and swap supported currencies around the clock, with transactions recorded directly on JPMorgan's blockchain infrastructure.