XRP price rising this week. Main reasons Ripple’s coin is on the move
The XRP price jumped once again on the Friday and exceeded $ 0.62, although in the morning it was at $ 0.36. The market cap of the token for 24 hours increased by $10 billion, to $24 billion.
XRP Price Rising. Ripple’ position
XRP price has grown over the past week by more than 70% against the backdrop of positive news. According to CoinMarketCap, even on Tuesday it cost about $ 0.27, but at the beginning of Friday showed a maximum just below $ 0.48. In the list of the largest coins in terms of market cap, the XRP token rose to second position after bitcoin, shifting Ethereum, which was in this position for almost nine months. The last time Ripple was on this position back in January, when its price set a historical record of $ 3.7. At that time the Ethereum rate was about $1000, after which in a few days it reached $1400, and it rose to second place. The XRP token itself was very heavily resold in recent months, falling from the January highs by almost 15 times.
According to cryptocurrency experts, XRP rate should continue to grow in the coming month.
The news about the upcoming full-scale launch of xRapid in October and partnership with the American bank PNC could affect the investors mood regarding Ripple.
The xRapid platform will help to speed up and reduce the cost of cross-border transactions, as well as simplify the access of financial institutions to cryptocurrencies. The main feature of xRapid is the use of the XRP token.
At last count, about 19 institutions test xRapid, including such big names as Banco Santander, Mercury FX, MoneyGram, Western Union, Viamericas and Cambridge Global Payments.
The upcoming launch of XRP platform supports expectations of user Bearableguy123, who calls himself an insider from the Ripple team. Recently, he predicted the growth of the XRP rate to $ 589 by the end of this year.
US Bank PNC Adopts Ripple’s xCurrent
PNC bank, included in the top ten largest US banks by volume of assets, began to use a xCurrent payment solution for cross-border transfers from Ripple. Asheesh Birla, Ripple’s senior vice president for product management, said in an interview with CoinDesk:
“I think the important thing is this is not a test. Ripple only signs production clients, so they are taking this product into production. There’s no pilot, there’s no proof-of-concept – that’s already been done. They’ve committed to transactions with other customers.”
PNC bank has successfully completed the pilot phase of testing the system and even provided it with services to several clients. At this stage, the bank will receive only incoming transactions through xCurrent.
Asheesh Birla believes that this step of PNC will bring benefits to other participants of the partner network RippleNet.
He added that xCurrent allows you to make instant transfers, unlike traditional systems that provide a temporary lock of capital at the time of the transaction. According to Asheesh Birla, xCurrent is a smooth transition to another solution of the company – xRapid. He confirmed that a full-scale launch of the product could take place next month.
Recently, Ripple announced that it has opened new payment corridors in 40 countries, in particular in East and South-East Asia, Africa, Europe and South America.
It is worth noting that throughout September Ripple is accompanied exclusively by positive news. So, the blockchain consortium R3 withdrew lawsuits against the Ripple, saying that the parties reached an agreement, the terms of which are still kept secret.