XRP resurges by 80 Percent in 24 hoursSeptember 22, 2018
XRP is making a comeback with a resurge in its price by 80% in just 24 hours. Of note, XRP has been one of the worse performing of the top cryptocurrencies. The investors are “buying the news.”
This capitalization value of XRP surpassed Ethereum for a while. The market cap of Ethereum is $23 billion. Ripple is launching a new real-time gross settlement system for banks in which the use of XRP will be supported. This is also one of the reasons for the bullish momentum of this currency.
Fear of missing out is also the reason behind the rally of Ripple, “InstaReM and RationalFX opened up new corridors from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka, and Bangladesh. Remitr and FlitterWave established a RippleNet corridor to Nigeria from Canada, the first connection on RippleNet in Africa. BeeTech and InstaRem creators from Brazil to Spain, Italy, Germany, France, and Portugal.”
People are willing to invest in Ripple before it can get to be too late. A repeat sell-off might equal the ferocity of the rally itself.
While most of them think that XRP and Ripple are the same, new investors are getting to be clear about the fact that Ripple is a fintech company that focuses mainly in processing global payments. XRP is a cryptocurrency. XRP can be used in the Ripple platforms for processing payments. Ripple holds a majority of the XRP.
Sagar Sarbhai, at Ripple told CNBC, “I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production”
XRP will be used as a bridge between the currencies in the XRapid product offered by Ripple. This has played a positive role in the price recovery trends displayed by XRP of late.
This price rally is a proof that Ripple is displaying its dominance in real-world relationship with companies who are in need of Fintech services.
Several high profile financial institutions like Santander and American Express are striking deals with Ripple. However, all of these partnerships were mainly related to another product known as xCurrent.
More than 120 banks according to Ripple’s Sarbhai have partnered with Ripple, where they were using the blockchain based product xCurrent.
Ripple’s payment processing products have been successfully used in order to settle international transactions. Early this work, PNC, the banking giant based in the US stated that they would be using the blockchain technology from Ripple. However, they also told that they might not be using XRP for their transactions.
XRP continues to be down when compared to the price trends from the beginning of the year, which is nearly 66% from January. Perhaps future partnerships and improvements in the usability index of the XRP in real time transactions might lead to a further uphill. Volatility and liquidity challenges are yet to resolve. We need to watch how XRP responds when the Ripple product will go live.