The cryptic community burst into joy at the beginning of today, as cryptocurrency prices rose above their most optimistic expectations. Contrary to what everyone expected, the new price increase was not triggered by Bitcoin, as usually happens. This time, the bull's race is driven by none other than Ripple.
XRP Spikes Up
After nine months of a predominantly bearish market, crypt enthusiasts began to lose hope that their favorite coins once again reach their former glory. Now, the new development has managed to awaken that hope once again.
Ripple has just flipped Ethereum for the first time since December 2017.
Absolutely insane market pic.twitter.com/YZZWgfDtoP
– Joseph Young (@iamjosephyoung) September 21 2018
The new wave of prices began after Ripple Labs announced new plans to increase the spread of cryptosides. This new optimism was soon accepted by the entire Ripple community, and then by the entire cryptic world.
The reaction resulting from the announcement has seen a huge spike in the price of XRP, which is constantly growing. Even now, the currency is seeing an increase of over 45%, with its price already in violation of the $ 0.5 threshold. Ripple has yet to release all the details of his plan, but many speculations have already flooded cryptographic forums and other discussion platforms.
Many believe this could mean that banks and financial institutions are finally accepting Ripple's xRapid product. Despite being skeptical about most cryptos, banks have always favored XRP and its products are among the biggest reasons for this. Ripple's XRapid has the potential to significantly change the way in which transactions are sent because it can increase speed from hours, or even days, to minutes or perhaps even seconds.
This is particularly significant when it comes to cross-border transactions, as the technology used so far has not been able to speed up the payment process by itself. The breakthrough, however, lies in the fact that xRapid is completely oriented towards XRP. This means that no matter which currency is sent, it will travel in the form of XRP. This will give the XRP a huge case of use in the traditional finance world, which is making the currency extremely valuable and popular.
As mentioned, Ripple has not yet released details, including the time and date of implementation of its products. Whenever the real act occurs, the effects already feel in the new price surge. Not only does XRP benefit from this news and speculation, but also from other cryptocurrencies. Even Bitcoin has risen by 4.61% in the last 24 hours and all other currencies in the top 100 are traded at the moment in the green.
In the end, no one can predict how long the new bull run is going to last. However, it could be the warning that the bears have finally been chased away. If the current situation continues, many believe that the cryptos could finally regain the $ 600 billion they lost when the market crashed in January.