INTERNATIONAL-Cryptocurrencies went up Friday with the optimism surrounding Ripple Labs' plans on the use of a digital currency, raising colleagues who have lost more than $ 600 billion in value since January.
The XRP, the cryptocurrency commonly called Ripple, has increased up to 22 percent, bringing its one-week increase to over 75 percent. The Bloomberg Galaxy Crypto index rose by 8.7%, reaching its biggest one-day gain since mid-July.
Ripple could launch a service that will use digital currency "in the next month or so," said one of Ripple's executives. CNBC Monday
Called xRapid, the service allows financial companies such as payment providers to accelerate money transfers in emerging markets using XRP, which is an independent digital resource.
A spokesperson for Ripple said Thursday that there is no official release history at this point.
Virtual currencies have struggled to get institutional support in part because most of the banks and payment companies that experience blockchain technology still need to use digital money for large-scale money transfers.
This week, despite the outperformance of bigger rivals like Bitcoin and Ether, XRP is still down nearly 60 percent from its 2018 intraday peak. It was 15 percent to 46.4 cents in the US starting at 10am in London, according to Bloomberg's composite prices. The value of virtual currencies plotted by CoinMarketCap.com dropped to $ 218 billion from approximately $ 835 billion in January
. While the main product of Ripple available today, called xCurrent, does not require the use of XRP, "xRapid, from the other hand, uses this switching system to allow institutions to regulate interbank transactions using the XRP digital asset, "Lucas Nuzzi, director of technology at Digital Asset Research, said in an email. "The use of XRP is mandatory with this product."
XRP was released on a ledger distributed in June 2012, with 100 billion XRP created before Ripple, the company was incorporated in September 2012. After the founding of Ripple, the creators of XRP have donated a substantial part to the company.
Ripple owned about 60 billion XRP, with the majority held in warranty starting in July, according to the information listed on the company's website.
Ripple Labs will hold its Swell conference last 1-2 in San Francisco. The meeting will include speakers from Banco Santander SA Spanish, Payments Canada and other financial institutions and regulators, as well as former US President Bill Clinton.
Ripple also added PNC Financial Services Group Inc. to its user network. Ripple now has more than 100 customers worldwide and operates in 40 countries.