Ripple commits 11% to an hour fed by xRapid Hype, up 24% in the week
Ripple led the cryptocurrency markets yesterday, up 11% in just one hour after the markets were powered by 39; xRapid hype: the digital token has increased by 24% in the last seven days.
Yesterday, virtually all currencies in the top 15 fell by 1% to 2 Ripple's XRP digital token, however, increased by 11%, from $ 0.27 to $ 0, 31 before correcting to $ 0.31.
So, even today, the XRP has risen again, increasing by another 10%. at about $ 0.32
The price hike leaves XRP the third largest cryptocurrency by market capitalization, with about half of the market capitalization of Ethereum and $ 5 billion more than Bitcoin Cash (BCH ).
XRP recorded the highest price increase in the last seven days between the t op 15 cryptocurrencies by market capitalization. In the last seven days, XRP has gained 23.56%. Over the same period, BTC and BCH gained 0.78% and 1.24%, respectively. The only cryptocurrencies approaching the gain week after week of XRP include Ethereum, with a gain of 20.43%, and Cardano, with a gain of 12.23%.
What is fueling the increase in the volume and price of XRP exchanges? The markets seem to react to this week's news in advance of the imminent launch of Ripple's xRapid technology.
The head of government and Ripple's regulatory relations for APAC and the Middle East, Sagar Sarbhai, revealed the following in a statement to the CNBC of September 17:
"I am very confident that in the next month or so, you'll see some good news get to where we launch the product live in production. "
In other words, Sarbhai is suggesting that Ripple's xRapid encryption product will be available within the next 30 days.
Ripple has not yet announced any banking partnership with xRapid and we do not know any bank that uses xRapid. However, it appears that these partnerships have been established and Ripple is preparing to launch its xRapid technology with financial institutions in the coming weeks.
Ripple has collaborated with 120 banks until now. These banks use Ripple's xCurrent technology to reduce transaction costs and increase speed.
xRapid, meanwhile, aims to accelerate transactions within banks using XRP cryptocurrency.
XRP is used as a type of bridge between currencies, allowing financial institutions to quickly make cross-border transactions. A bank may want to process a USD-to-EUR transaction, for example. With Ripple's xCurrent and xRapid technologies, banks can perform this transfer at a fraction of the speed they can currently make, using XRP as a means of transfer.
Among the movements of yesterday's XRP market, AMB Crypto has identified interesting movements on the XRP register.
"Shortly before the price hike, the XRP register observed two transactions, as 20 million XRPs were transferred between two unidentifiable portfolios."
This means that $ 6 million of XRPs are moved in a single transaction.  In any case, Ripple and the markets are clearly excited about the future launch of xRapid that could occur in the coming weeks. The increase in the price of XRP continues to drive the rest of the market.