The cryptocurrency market is giving every reason for investors to cheer today! The crypto market is witnessing a GREEN rainfall as bulls have finally taken the charge over the bears. Almost all of the top twenty cryptocurrencies have posted between 5-10% gains in the last 24 hours.
The cryptocurrency market has added nearly $20 billion to its overall market valuations in a single day. Currently, the crypto market cap stands at $220 billion, a 10% jump in the last 24 hours. However, its neither Bitcoin nor Ethereum driving today’s market momentum. Ripple (XRP) has outclassed all other competitors in its single-day percentage gains.
At the press time, Rippple is trading at a 50% price premium over the last day. Currently, XRP is trading at $0.53 with a market cap of over $21 billion. Ripple’s weekly charts show that XRP has gained nearly 90% at its current price.
There has been a lot of positive news surrounding Ripple which is the reason for the sharp recovery in its price. Earlier this week, on Monday, a Ripple executive told CNBC that the company is set to launch its xRapid payments solution for commercial applications.
xRapid is a cryptocurrency-focused payments product helping banks to speed-up cross-border transactions using the XRP tokens. Sagar Sarbhai – Ripple’s head of regulatory relations for Asia-Pacific and the Middle East – said that the company has made significant progress in xRapid’s development. xRapid product uses XRP tokens as a bridge to facilitate faster conversion process among currencies.
“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 (xRapid) live in production,” said Sarbhai.
Ripple has already made faster inroads in the global banking network with its xCurrent blockchain technology. Note that xCurrent is a separate product of the Ripple blockchain ecosystem called RippleNet, and doesn’t involve the use of XRP tokens. However, more than 120 banking and other money-transfer financial institutions have started using Ripple’s solutions.
Some of the big name from the banking sector using the xCurrent payment solution include Spain’s Banco Santander and American Express. Much recently, another American bank PNC joined the RippleNet to use the xCurrent solution for inter-bank transfers.
Ripple’s senior vice president for product management, Asheesh Birla, expressed the following opinion regarding PNC’s plans:
“I think the important thing is this is not a test. Ripple only signs production clients, so they are taking this product into production. There’s no pilot, there’s no proof-of-concept – that’s already been done. They’ve committed to [transactions] with other customers.”
Ripple is currently preparing itself for its upcoming Swell Conference scheduled on Oct 1-2 in San Francisco. Former U.S President Bill Clinton will be addressing a keynote including speakers from other financial institutions across the globe.
This price surge of XRP just a week before the Swell conference will certainly boost the confidence of investors.
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