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The XRP, the cryptocurrency associated with Ripple and their xRapid settlement system, rose by almost 14% overnight following a 20% jump that can be attributed to a number of factors.
The cryptocurrency is currently at $ 0.369, from its 24-hour price of just over $ 0.32. The continuous increase in the cryptocurrency price has been unexpected and many cryptocurrency analysts have boasted their short positions in XRP. At that time, it seemed that a short position was not unjustified, mainly because the XRP was swimming against the current, since Bitcoin and most of the other major cryptocurrencies were relatively flat during the last week.
Popular cryptocurrant trader, Philakone (@PhilakoneCrypto) told his 106 thousand Twitter followers that he was climbing short positions on 18 September, after the unprecedented 20% increase in XRP.
"The XRP is going to end" badly. "Celia and I scale up our XRP shorts and keep you posted guys," Philakone said .
In the period since this tweet, XRP has continued its unprecedented ascent.
Ripple to soon Release XRP Powered xRapid
Many people familiar with the space attributed the XRP pump to the announcement of Ripple that they would release their XRP payment system, xRapid, in "about a month or so ".
The announcement concerning the release of xRapid was born about n Sagar Sarbhai, head of the Ripple regulatory regulation for the Asia-Pacific and the Middle East, spoke about the product in an interview, stating:
"I am very confident that in the next month or so you will see some good news coming where we launch the product live in production."
Currently, most of Ripple's significant customers use the settlement system based on the company's blockchain, called xCurrent. This system, unlike xRapid, does not use digital currency to facilitate cross-border transactions, but does so using the Ripple block network.
Although Ripple has more than 120 banks and financial institutions signed to try and / or use xCurrent, they still have some high-profile customers who try their xRapid system. Currently, Ripple has several major institutions and companies testing xRapid, including MoneyGram, Western Union, Mercury FX and Cambridge Global Payments.
Although none of these companies committed to using the system when officially launched, several companies, including SBI Bank, Cuallix and Zip Remit, have already committed themselves to using the program.
xRapid works to provide immediate and economic cross-border transactions in order to transfer money between two banks.
Ripple describes the system on their website, saying:
"xRapid is intended for payment service providers and other financial institutions that want to minimize liquidity costs while improving their customer experience. payments in emerging markets often require pre-funded local-currency accounts worldwide, liquidity costs are high xRapid drastically reduces capital requirements for liquidity. "
Brad Garlinghouse, CEO of Ripple, The goal is to incorporate customers into xRapid, saying:
"I have publicly stated that by the end of this year, I trust that major banks will use xRapid as a liquidity tool." You know, by the end of next year, I certainly hope we will show you in the order of … dozens. "
In theory, the price and liquidity of XRP would be significantly influenced by the release of x Rapid, since companies are buying and selling the value of billions of dollars in cryptocurrency, and investors will recognize its use, leading to an influx of investor funds into virtual currency.
Close-up image of Shutterstock.
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