By
Mayowa Adebajo
April 18th, 2024
XRP is reporting double-digit gains. In the last 24 hours, the world’s third-largest cryptocurrency by market capitalization has appreciated by 23 percent, which is probably due to expectation of Ripple’s new xRapid product.
After experiencing not the best times, Ripple (XPR) soares. On Tuesday, the third largest cryptocurrency appreciated 23% against the US dollar, which is connected with some fundamental factors.
At the moment of writing, Ripple’s price is $0.33 per coin, while its total market value reached $13.1 billion. The XPR average daily trading volume is three times as large as the day before, and currently makes up $683 million. It is notable that the trading volumes jumped during early European hours and stayed elevated until the NY session closed before subsiding into the Asian session on Wednesday.
In general, the current situation across the crypto market is characterised by bearish mood. However, investors are buying XRP on expectations of the upcoming xRapid launch into commercial use, which has not been officially confirmed yet.
Ripple’s xRapid coming next month: What do the pilot results say for the future and XRP HODLers? – https://t.co/VNdI995Qei
— Ladybug 🇺🇸 (@loripek68) September 18, 2018
As was earlier reported by CNBC, Ripple made some hints about its new cryptocurrency product xRapid that would go live ‘in the next month or so’. According to Ripple, xRapid uses the 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 Asia-Pacific and the Middle East at Ripple, said:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
As Sarbhai stated, XRP was piloted with 12 banks before the creation of the xRapid product. He said:
“In 2016 what we did was we piloted with 12 banks. These 12 banks were based across regions across the globe and they did not have prefunded relationships with each other. and what we did was we gave these banks some XRP and asked them to settle within themselves and it worked beautifully.”
Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg, Ripple has more than 100 customers around the world.
In August of this year, Ripple was reportedly considering integration of xVia, xCurrent and xRapid into one solution named Convergence. If this new solution is launched, the market positions of XRP will be definitely supported, and new investors will enter the scene.
Another event, which could possibly contribute to XRP price surge is that Ripple Labs, the company behind the XRP token, has recently gained a new member for its blockchain network in The National Commercial Bank of Saudi Arabia. The bank will connect to other financial institutions around the world through RippleNet, Ripple’s enterprise blockchain network. This partnership is a good way for Ripple Labs to establish its market in Saudi Arabia and expand, as with the National Commerical Bank, the company expects to access its 5 million users for a potential XRP adoption.
Meanwhile, the events taking place in the company have delivered a rally that is too unstable. Many community members are worried that the XRP’s price will follow “buy the rumor, sell the fact” pattern which will lead to the sell-off once the solution actually goes live. Well, time will show.