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Ripple (XRP) is ranked as the third largest currency, and for quite some time, which could eventually indicate that XRP deserves its place in the top five currencies . Ripple is best known for its goal of enabling fast and low-cost remittance payments worldwide by establishing strong partnerships with banks and financial institutions around the world.
Here's how Ripple Foundation has included over 120 different banking institutions including the most recently acquired partnership with the Commercial Bank of Saudi Arabia, which could be one of the potential reasons behind the XRP price increase in recent days.
In addition to announcing their partnership with Saudi Arabia's commercial bank, the Ripple foundation recently announced that they are offering xRapid to financial institutions and banks, which may have also impacted the rise of XRP since xRapid is the only three out of three solution offered by the foundation that actually uses XRP.
The XRP Price Surge: The commercial bank partnership was the trigger?
The corrugated fund announced on September 13 th that the Commercial Bank of Saudi Arabia will become part of Ripple Net, which is now becoming larger with the presence in over 40 countries and 6 continents, with over 120 banks and financial institutions already using xCurrent or xVia as part of the network. [19659002] With one of the most recent partnerships announced in the last week, Ripple should have access to more than 5 million users of the bank, thus offering a quick and cheap remittance payment. Saudi Arabia is seeing an increase in the population of migrant workers that requires alternative global payment solutions that will not last for days and high rates for the processing of global payments.
At the same time, it is considered that one of the triggering causes of the last rebound was precisely linked to the announced partnership, which could also make sense.
On September 12 th just a day before the announcement for the partnership, XRP was seen in a rather slow trend, trading around the price of $ 0.25 and $ 0.24, however, the next day with the announcement, probably led by the commercial bank partnership, Ripple went up for $ 0.27.
The Ripple XRP and the xRapid Implementation Announcement in Financial Systems
A few days later, XRP was seen splashing to the skies only a few days later. xRapid's announcement that it has been suppressed for testing by e and several financial institutions already uses other Ripple products such as xCurrent and xVia, which seems to be the boost needed for XRP in the market.
On September 18 th XRP was seen rising against the fiat by about 20% in just 24 hours, which eventually led XRP to the price of $ 0.32 per unit of Ripple, clearly showing a bullish run.
As the news broke out two days ago that Ripple will push XRP's adoption of financial systems with xRapid currently being tested by SBI and Mercuryfx, Ripple showed immense progress in combination with benevolent trends in the market, so it could also be the fact that the combination of good news and positive market trends triggered the 20% rise as seen on September 18 th .
In addition, the team announced that the xRapid product that is currently being offered should go live somewhere in October or at the beginning of November, when another s is likely to increase the XRP, both in the market and in the press.
As the product is pushed for adoption outside the blockchain space, the team points out that governments are finally beginning to see some advantages in cryptocurrencies so regulators allow this type of implementation.
After external tests have been completed with xRapid implementation, the product should go live.
Since Ripple was struggling to go over the price of $ 0.30 even with the announcement of the Commercial Bank partnership that came out almost a week ago, after rising above $ 0.30 and currently traded at $ 0.32, it may be the case that the announcement concerning the implementation of xRapid and the adoption of XRP is the driving force of the last wave.
most of the currencies are slowly starting to plummet again on September 19 XRP is up by 1.50%, with the best weekly score of 21% among the top ten resources digital. [19659018] loading …
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