The explosive upward rush of Ripple culminates with a market capitalization of $ 19 billion, an increase of 47% from the start of the day.
The third most popular cryptocurrency, Ripple (XRP), recorded an impressive race. According to data from coinmarketcap.com, XRP prices skyrocketed to $ 0.48, an increase of 47% compared to $ 0.32 at the start of the day. The cryptographic currency has a daily trading volume of over $ 1 billion.
For a brief moment at the height of his run, Ripple's total market capitalization reached $ 19 billion, slightly less than the $ 22 billion market capitalization of Ethereum. The last valuation of the XRP value was valued at $ 19 billion in June of this year
Partnership with high-profile financial institutions
The Ripple race began Thursday after Ripple Labs Inc. announced that the company is developing a new service payment. In an interview with CNBC Sagar Sarbhai, head of regulatory relations for the Asia-Pacific and the Middle East of Ripple, said that the product will be called xRapid and aims to help banks to speed up the transaction times.
"I am very confident that in the next month or so you will see some good news getting to where we launch the product live in production," Sarbhai told CNBC.
Numerous companies – including Western Union, MoneyGram and new rising payouts MercuryFX, Viamericas and Cuallix – have already tested the product. Ripple also has an agreement with established financial institutions, such as American Express and Santander, although these partnerships seem to be focused on xCurrent, another company product.
At the time of writing this article, no clear reason for the peak price of XRP was available, although the altcoin rose to $ 0.49 and is currently at $ 0.44. According to community members, double-digit earnings were designed from the purchase of crypto-whales, as well as a combination of technical factors and a strong FOMO effect (fear of losing) as a result of prior announcements.