íŕçâŕíčĺ

Ripple (XRP) Has Suddenly Run Up 20% — But Why Now?

At press time, the combined total market capitalization of cryptocurrency sits just above $470 billion, as coins across the board have started to recover from the massive correction which took place in January and February. In the last 24 hours, however, no cryptocurrency in the Top 50 has outperformed Ripple (XRP) — but what’s driving the price pump?


Ripple Runs

In the last 24 or so hours, the price of Ripple (XRP) has abruptly spiked from a low of $0.90 to $1.08 — representing a 20% increase in each coin’s valuation.

This, of course, is welcome news to Ripple holders, many of whom have been waiting for some positive price action since XRP topped out at $3.83 on January 4th, before plummeting all the way down to $0.58.



But Why Now?

Ripple’s sharp price increase shouldn’t come as a surprise, given that the cryptocurrency has seen nothing but good news for weeks on end.

RippleNet, which provides real-time messaging, clearing, and settlement of financial transactions, has attracted the attention of Brazil’s largest private sector bank and Latin America’s biggest bank by market capitalization, Itau Unibanco, in addition to IndusInd, a leading private sector bank in India, and Singapore’s major remittance provider, InstaReM.

In mid-February, Saudi Arabia’s central bank penned a deal with Ripple, who will help banks in the oil-rich kingdom settle instantaneous cross-border payments using blockchain software. At the same time, global payments giant Western Union began efforts testing Ripple technology xRapid, “which uses XRP in payment flows.”


Ripple (XRP) Has Suddenly Run Up 20% — But Why Now?

Only days before, Ripple signed a deal with major foreign exchange UAE Exchange, who is interested in using the blockchain technology to power their payments. Said Promoth Manghat, CEO of UAE Exchange:

Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience. The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions.

On top of that, Banco Santander also announced in the beginning of February that same-day international mobile payments utilizing Ripple’s distributed ledger technology are ready for a Q1 launch.

With such a long and healthy string of announcements, one can’t help but wonder why the price decided to pump now.

Why do you think Ripple (XRP) has pumped over the last 24 hours? Let us know in the comments below!

Images courtesy of AdobeStock, Bitcoinist archives.

05.03.2018 / 13:40 37
Ripple Spikes 18% amid Coinbase Integration Rumors; Drop Coming if False? Ripple Spikes 18% amid Coinbase
Earlier today, on March 5, the price of XRP, the native cryptocurrency of Ripple, recorded an 18 percent spike, becoming the best performing major
Ripple Price Surges 17% as Crypto Market Makes $15 Billion Advance Ripple Price Surges 17% as Crypto
The cryptocurrency markets continued their steady advance on Monday, with the majority of top 100-coins and tokens rising against the value of the US
Ripple Price Rises as new Fake Coinbase Listing Rumors Appear Ripple Price Rises as new Fake Coinbase
There are always interesting developments to take note of in the cryptocurrency world. Right now, the XRP price is surging once again. Thanks to
Asian Altcoin Trading Roundup: Top Cryptocurrency is Ripple Asian Altcoin Trading Roundup: Top
FOMO Moments Another week begins in crypto land and the Asian markets are bubbling away nicely. Most altcoins are in the green, albeit marginally,
Ripple Price Technical Analysis – XRP/USD Surges Above Key Resistance Ripple Price Technical Analysis –
Key Highlights Ripple price started a major upside move from the $0.8850 swing low against the US dollar. There was a break above a key bearish trend
South Korean Bank Plans �Commercial’ Ripple Remittances By 2019 South Korean Bank Plans
Ripple-based remittances are set to launch with South Korean bank Woori Bank. South Korean bank Woori Bank intends to introduce “commercialized”
Comments (0)
Add a comment
Comment on