Are We Experiencing a Ripple Rally? Price Indicates Yes

Ripple’s XRP sole coin with double digit gains among major cryptos 23388

Ripple’s XRP sole coin with double digit gains among major cryptos 23388

If Ripple had followed through with its commitment, R3 would have been able to purchase XRP tokens worth $1.2 billion for only $42.5 million. One, you have the fact that it wasn't considered by the US SEC as a commodity. After a massive short-term rally, Bitcoin has retraced slightly, leading other major cryptocurrencies to fall by 3 to 5 percent. Ripple has so far avoided being labeled a security Several ongoing lawsuits allege that Ripple is a security.

XRP was released on a distributed ledger in June 2012, with 100 billion XRP created before Ripple the company was formed in September 2012.

The growth in the cryptocurrency's price was unexpected, and some traders had been shorting XRP until as recently as last week. However the much hyped "flippening" of XRP overtaking ETH for the number two spot has been undone after ETH continued to see rising prices while XRP stalled. Talking to CNBC, Ripple's Sagar Sarbhai said he was "confident" xRapid will go into commercial application before the close of 2018.

The xRapid has been catered mostly to banks.

Ripple has developed xRapid as a protocol for cross border fiat transfers. How exactly does it work? Back in June, David Schwartz - the chief cryptographer of Ripple - said that banks were not likely to deploy the technology as a result of its privacy and low scalability issues. The process will require a pre-funded local currency account for this to take place.

XRP Chart

This week's first jump in the XRP price came as news broke that San Francisco-based blockchain startup Ripple will soon launch its long-awaited cross-border settlement product xRapid. Among which is Santander and American Express. Ripple is also considering entering the Chinese market. However, Ripple then answered that the sample was quite small to see a difference.

Ripple is becoming known for it's cross border payment solutions, especially its xCurrent and xRapid system. These partners have been using xCurrent.

XRP is still a far cry from its all-time high, now reflecting an 89 percent depreciation from the $3.48 price point set back in January (XPI).

In an interview with Coindesk, Ripple's Senior Vice President Asheesh Birla noted that PNC has already conducted its pilot phase and proof-of-concept, and the bank will begin using xCurrent immediately in a production environment. Another issue is that there is a need for improving services, or they risk becoming less relevant in the worldwide payment markets.

Due to the wild volatility of the crypto market in recent weeks, it is entirely possible for the volume of major cryptocurrencies to pick up and recover in the next 24 hours. He also added that "What we're now seeing is more and more regulators, policymakers taking the whole space in one conjunction". It seems unlikely that such a move was simply caused by salty ETH fans not wanting to see their favourite crypto project take third place behind a coin that many dismiss based on its links to global banking institutions.

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