Why is XRP now in the red after 50% surge in a week?

XRP is down 2.2% over 24 hours after climbing 49.4% over seven days, putting the token back in negative territory after a strong week.

The drop comes as crypto traders watch the payments business around XRP change, as large banks keep rolling out blockchain systems aimed directly at the pre-funding problem. JPMorgan Chase (NYSE: JPM) is doing that through Kinexys.

In June, JPMorgan expanded Blockchain Deposit Accounts to eight currencies: USD, EUR, GBP, AUD, HKD, JPY, RMB and SGD. Customers can move those balances around the clock and swap supported currencies onchain.

A company holding dollars can receive yen without first buying a separate crypto asset to bridge the trade. JPMorgan can set the FX price, exchange the currencies and log settlement on its blockchain immediately.

Citigroup (NYSE: C)’s 24/7 USD Clearing network reaches more than 250 banks across 40-plus markets. Citi Token Services also moves tokenized commercial-bank deposits using blockchain infrastructure. Citi says combining both systems lets institutions make overseas payments quickly while needing less money parked in advance.

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