Overall though, I don't think this is entirely beneficial to XRP, as a matter of fact, I believe XRP is best at a value of around $1.00. He notes that Australia, the Philippines, and Thailand all consider XRP a commodity. While the likes of Bitcoin and Ethereum are adding below 10% to themselves in the market, the altcoin displayed its potentials, rising by about 80%.
Solutions and products created by blockchain startup Ripple are moving towards wide adoption.
"The high transaction values, coupled with market sentiment following the announcement on Monday could indeed be the reason why XRP reached new highs, having gained almost 50% in the last 24 hours". Though Ether has been recovering gradually in the last few days at solid 2.6% a day, Ripple skyrocketed by 15.3%. When changes are made to the ledger, computers connected to the Ripple protocol will mutually agree to the changes via a process called consensus.
An executive at Ripple Labs has indicated that the company's long-awaited commercial product, xRapid, could soon be released. However, many cryptocurrency enthusiasts who follow the fortunes of the currency took to Reddit to clarify their belief that Western Union is structured in such a way as not to be in a position to benefit from xRapid. It was aimed to help banks speed up transaction times by using XRP.
Since last two days we have seen a surge in the Ripple XRP token, now it has surged to nearly 50%. These collaborations are essential in providing the ecosystem in order to facilitate xRapid. How exactly does it work?
XRP (CURRENCY:XRP) traded up 13.5% against the USA dollar during the 1-day period ending at 22:00 PM Eastern on September 21st.
Ripple has already partnered with different banks.
The company has struck deals with various high-profile financial institutions, including Santander and American Express.
This news comes as a boost for Ripple as some experts in the crypto industry have started to become skeptical about xCurrent and its use for cross-border payment. Ripple allows for faster settlement of cross border payments but still requires the use of Nostro/Vostro accounts (where one bank holds funds with another bank as part of the process). However, Ripple then answered that the sample was quite small to see a difference. This led to the displacement of Ethereum from the second largest cryptocurrency to the third largest. The price of XRP was around $0.54 on June 21 and within two months, XRP fell to $0.29, by 46 percent. xRapid's launch XRapid is a blockchain-backed tool designed by Ripple for easing cross-border fiat transfers between financial institutions.
"When there's a sharp rise with one of the major cryptos it makes headlines and grabs people's attention and this could indeed bring some fresh liquidity to the market", said Matthew Newton, a London-based analyst at eToro, a trading platform. This is the highest XRP has gone to since mid-July, when the price was $0.51 before a steep slump of 43 percent until Tuesday, as tracked by CoinMarketCap.