Certainly, Friday, September 21st will be a day in the annals of history for when a digital currency went buckwild. The surprising cryptocurrency is none other than XRP. People are still pondering about what could have triggered such an enormous bounce in the price of a crypto-asset that spent the better part of this year striving to keep its head up. Even more amusing is that the entire price spike took place within a day (24 hrs).
XRP is a centralized cryptocurrency coin established by Ripple. Most significantly, Ripple is an organization that proffers solutions for payments to financial institutions. Maybe, a review of the advancements surrounding Ripple’s RippleNet, could provide a number of insights regarding the precise cause of this unforeseen market event.
Many Partnerships Of Ripple
Ripple has for months been developing bridges and establishing alliances with a number of financial institutions globally. This aggressive offensive has seen the organization establish alliances with such vastly established banks as, among others: NCB (Saudi Arabia’s National Bank), State Bank of India (SBI), and America’s PNC Bank. Among the reasons, such financial institutions are striving to link up with Ripple as they wish to be a part of RippleNet, a blockchain solution that connects financial institutions. Even more, it offers fund transfer services at a much faster and pocket-friendly rate as compared to the prevailing SWIFT system.
According to Marcus Treacher, Ripple’s strategic accounts head, RippleNet, at the moment, commands a market cutting across forty countries globally. Additionally, the network has inflows summing up to over two billion USD per year. Consequently, the payment solutions offered by Ripple include: InstaRem and BeeTech (linking Spain, Brazil, Italy, Portugal, and France), FlutterWave and Remitr (linking Canada and Nigeria), and InstaRem and RationalFX (linking the UK, Sri Lanka, Vietnam, Malaysia, and Bangladesh).
So, What Exactly Happened with XRP?
This unceasing growth of RippleNet might be the reason behind the price bounce XRP experienced. In addition, the buzz created by the hearsay of a new crypto-asset due for imminent launch augments the effect. The crypto-asset under discussion is xRapid. Most significantly, xRapid is an xCurrent’s successor.
At the moment, xCurrent protocol is the system that Ripple’s financial partners are using for remittance solutions. Be that as it may, there is anticipation that xRapid will be a lot better. This is due to the fact that it will, in fact, utilize the XRP token in processing payments. The latter alone would exponentially augment the efficiency, as well as speeds, regarding transaction processing prowess of RippleNet.
Essentially, this sort of development would certainly have a positive impact on the market value of the token. Thus, people in-the-know would’ve acted accordingly.
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