XRP exceeds 12%, but "rumors and speculations" are driving its price, researchers say


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XRP causes more than 12%, however " rumors and speculation "are driving its price, researchers say


The XRP token , which was developed by Ripple Labs, Inc., a San Francisco-based fintech company, has grown by almost 13% in the last 24 hours. XRP is trading at $ 0.3600 at the time of printing, according to data from CryptoCompare.

  hour_CryptoCompare_Index_XRP_BTC_337_11537449757222.png 24-hour XRP price graph via CryptoCompare

The significant increase in token prices comes shortly after Ripple recently revealed (in September 19) that RippleNet, a decentralized global network of financial institutions and payment providers, it is "now active in over 40 countries on 6 continents".

RippleNet Expansion, xRapid

According to Ripple, "new [RippleNet-based] payment corridors have been opened in North America, Asia, Africa, Europe, South America." However, Tim Enneking, CEO of Crypto Asset Management, a company that uses a proprietary due diligence process to evaluate blockchain projects, stated the market reaction to these developments (or announcements) are "exaggerated".

Notwithstanding Sagar Sarbhai, the sway of APAC and the head of regulation in the Middle East, stating (17) that xRapid, which aims to minimize liquidity costs for cross-border transactions, will be "launched soon ", his positive announcement was heavily criticized by cryptic professionals.

Eric Ervin, CEO of Blockforce Capital, USA The fintech company, which specializes in blockchain-related investments, said:

We do not believe that anything other than rumors and anticipations are increasing XRP prices today. We expect the market to correct in the short term, potentially with room for growth if xRapid is successfully launched next month.

As already discussed on CryptoGlobe, Ripple announced (on September 19th) that it has partnered with PNC Financial Services Group, one of the largest banks in the United States. The PNC bank, which reportedly has over 8 million customers and a market capitalization of $ 380.7 billion, will use Ripple's financial products to create "an immediate impact … allowing PNC's commercial customers to receive payments from foreign banks in real time. "

Speculative, Risky

Other financial institutions that have recently decided to use Ripple's products (joining RippleNet) include the National Commercial Bank (NCB) of Saudi Arabia. The official Ripple Company blog noted that after successfully (and successfully) testing with the kingdom's financial regulator, the Saudi monetary authority, BCN became part of RippleNet.

Although these developments appear promising, the cryptocurrency market remains highly speculative and risky and is dominated by short-term traders. In addition, the effectiveness of Ripple's products has been questioned by the provider of transfer services. giant money, Western Union.

In particular, the recent Western Union c patent related to rypto did not mention Ripple or anything related to the startup's financial product suite. This, after having tested Ripple's products for their effectiveness in accelerating cross-border transactions.

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