XRP gains bullish momentum between the imminent launch of Ripple's xRapid product


XRP is reporting double-digit earnings. In the last 24 hours, the third largest cryptocurrency in the world by market capitalization has appreciated by 23%, probably due to the expectations of Ripple's new xRapid product.

After experiencing not the best times, Ripple (XPR). On Tuesday, the third largest cryptocurrency appreciated by 23% against the US dollar, which is linked to some fundamental factors.

At the time of writing, the price of Ripple is $ 0.33 per currency, its total market value reached $ 13.1 billion. The average daily trading volume of XPR is three times greater than the previous day and currently amounts to $ 683 million. It is noteworthy that the volume of trade jumped during the early European hours and remained high until the closing of the New York session before moving to the Asian session on Wednesday.

In general, the current situation in the crypto market is characterized by a bearish mood. However, investors are buying XRP on the expectations of the imminent launch of xRapid in commercial use, which has not yet been officially confirmed.

As previously reported by CNBC, Ripple made some suggestions about his new cryptocurrency product xRapid which go and live "in the next month or so". According to Ripple, xRapid uses XRP cryptocurrency as a kind of bridge between currencies, allowing payment providers and banks to process faster cross-border transactions.

Sagar Sarbhai, head of regulatory relations for the Asia-Pacific and Middle East at Ripple, said:

"I am very confident that in the next month or so you will see some good news coming where we will start the product live in production."

As stated by Sarbhai, XRP was piloted with 12 banks before the xRapid product was created. He said:

"In 2016 what we did was the piloting of 12 banks: these 12 banks were located in all regions of the world and had no fixed relationship between them, and what we did was give these banks an XRP and we asked them to settle in themselves and it worked beautifully. "

Ripple offers a frictionless experience to send money globally using the power of the blockchain. By joining Ripple's growing global network, financial institutions can process payments from their customers anywhere in the world instantly, reliably and economically. Banks and payment providers can use the XRP digital asset to further reduce costs and access new markets. With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple has more than 100 customers worldwide.

In August of this year, Ripple was considering the integration of xVia, xCurrent and xRapid into a solution called Convergence. If this new solution is launched, XRP's market positions will certainly be supported and new investors will be attracted.

Ripple Labs, the company behind the XRP token, has recently acquired a new member for its blockchain network in The National Commercial Bank of Saudi Arabia. The bank will connect to other financial institutions worldwide through RippleNet, Ripple's corporate blockchain network. This partnership is a good way for Ripple Labs to establish its market in Saudi Arabia and expand, as with National Commerical Bank, the company expects to access its 5 million users for a potential adoption of XRP.

The events that take place in the company has delivered a manifestation too unstable. Many community members are worried that the price of the XRP will follow the "buy gossip, sell the fact" model that will lead to sell-off once the solution is actually available. Well, time will show.

[ad_2]Source link