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The value of XRP has risen by more than 40% in 24 hours after the announcement of Ripple at the start of this week that it will launch a product focused on cryptography "within a month or so."
Very Confident
On Monday, the start of blockchain Ripple, associated with XRP, revealed that it was making significant progress with its xRapid product. This is what aims to help banks increase their transactions with XRP.
Speaking to CNBC about their product xRapid, Sagar Sarbhai, head of regulatory relations for the Asia-Pacific and Middle East in Ripple, explained:
I am very confident that in the next month or so you will see some good news get to where we launch the product live in production.
As for xRapid itself, the Ripple website states:
[xRapid] is for payment providers and other financial institutions that want to minimize their liquidity costs while improving their customer experience.
Currently, Ripple has about 120 banks that use its xCurrent product. This is used to regulate international transactions. However, unlike xRapid, xCurrent does not use XRP to process cross-border transactions. Instead, he relies on Ripple's blockchain to get this result.
On Monday, Ripple explained that xRapid and the use of XRP will act as a "bridge" between currencies. Ultimately, this would allow payment service providers and banks to conduct faster transactions. Those that test the xRapid product include MoneyGram, Western Union and the payment startups MercuryFX, Viamericas and Cuallix.
So far no banks have been announced that are testing the product. However, at the start of this year, Brad Garlinghouse, Ripple CEO, said:
I have publicly stated that by the end of [2019] I have full confidence that large banks will use xRapid as a tool to liquid assets.
At writing time, XRP is trading at $ 0.480953, according to CoinMarketCap. This is up 40.20 percent in 24 hours. More than seven days, increased 72.52%
XRP will replace Ethereum in second place?
At its peak, XRP was valued at $ 3.54 at the beginning of January. However, just like in the rest of the market, its price has fallen.
However, this recent rally on the back of Ripple's news saw a move from $ 0.27 at the start of the week to $ 0.33 on the 19th. It remains to be seen how much further it will increase and if it will increase again to the previous highs. The last time he saw a significant height, after January, it was in April when he was around the $ 0.90 mark.
Something to note is that the overall market value of XRP is close to that of Ethereum. XRP currently has a value of $ 19.1 billion; Ethereum is $ 23.1 billion. Will you soon replace Ethereum in second place?
Do you think the value of XRP will continue to rise? Let us know in the comments below.
Images courtesy of Shutterstock.
