XRP extends winning streak with further gain of 40%

September 21, 2018
Chris Wheal

Ripple

 Ripple’s upbeat progress report on XRapid has boosted XRP: Shutterstock

Ripple’s XRP token, currently the world’s third-largest cryptocurrency, extended this week’s winning streak with a jump of over 40% in just 24 hours.

XRP has been buoyant since Monday, when Ripple announced that its crypto-focused product xRapid is making good progress towards a launch

In an interview with CNBC, Sagar Sarbhai, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East stated: “I am very confident that in the next month or so you will see some good news coming in where we launch the product live in production.”

Ripple’s website is also promoting xRapid, which “is for payment providers and other financial institutions who want to minimise liquidity costs while improving their customer experience.”

Ripple currently has around 120 banks using its xCurrent product, which is used to settle international transactions. However, unlike xRapid, xCurrent doesn’t use XRP to process cross-border transactions but relies on Ripple’s blockchain to achieve this.

Gaining ground

On Monday, Ripple announced that xRapid and the use of XRP would act as a “bridge” between currencies, which would enable payment providers and banks to conduct quicker transactions. The new product is currently being tested by MoneyGram, Western Union and payment startups MercuryFX, Viamericas, and Cuallix.

Although no major bank has yet announced that it is testing xRapid, earlier this year Ripple’s CEO, Brad Garlinghouse, said “I’ve publicly stated that by the end of 2019 I have every confidence that major banks will use xRapid as a liquidity tool.

XRP’s latest 40% jump saw it trading at $0.480953, according to CoinMarketCap and extended its increase over seven days to 72.52%. However, this is still significantly less than at the start of the year, when it was valued at$3.54.

The current market value of XRP of $19.1bn has seen it narrow the gap with second-placed Ethereum, valued at €23.1bn.

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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