Ripple Sees $20 Million XRP Sent On Blockchain Ledger As Price Surges Over 10% Fueled By xRapid Hype
Ripple Surges 11% In One Hour Fueled by xRapid Hype, Up 24% On The Week
Ripple led cryptocurrency markets yesterday, surging 11% in just one hour after markets were fueled by xRapid hype. The digital token is up 24% over the last seven days.
Yesterday, virtually all of the coins in the top 15 were down by 1% to 2%. Ripple’s XRP digital token, however, rose 11%, moving from $0.27 to $0.31 before correcting down to $0.31.
Then, earlier today, XRP surged again, rising another 10%. As we go to press, XRP is sitting at around $0.32
XRP has experienced the biggest price gain of the last seven days among the top 15 cryptocurrencies by market cap. Over the last seven days, XRP has gained 23.56%. During that same time, BTC and BCH have gained 0.78% and 1.24%, respectively. The only cryptocurrencies to come close to XRP’s week-by-week gain include Ethereum, with a 20.43% gain, and Cardano, with a 12.23% gain.
What’s fueling the surge in XRP trading volume and price? Markets appear to be reacting to news from earlier this week regarding the imminent launch of Ripple’s xRapid technology.
Ripple’s Head of Government and Regulatory Relations for APAC and the Middle East, Sagar Sarbhai, revealed the following in a statement to CNBC on September 17:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
In other words, Sarbhai is hinting that Ripple’s xRapid crypto product will go live within the next 30 days or so.
Ripple has so far not announced any bank partnerships with xRapid, and we don’t know of any banks using xRapid. However, it appears those partnerships have been established, and Ripple is preparing to launch its xRapid technology with financial institutions over the coming weeks.
Ripple has partnered with 120 banks thus far. These banks use Ripple’s xCurrent technology to reduce transaction costs and boost speeds.
xRapid, meanwhile, aims to speed up transactions within banks using the cryptocurrency XRP.
XRP is used as a type of bridge between currencies, allowing financial institutions to quickly make cross-border transactions. A bank might want to process a transaction from USD to EUR, for example. With Ripple’s xCurrent and xRapid technologies, banks can make this transfer at a fraction of the speed they can currently do it, using XRP as a medium of transfer.
Amidst XRP’s market movements yesterday, AMB Crypto spotted interesting movements on the XRP ledger.
“Just before the hike in price, the XRP ledger observed two transactions being made, as 20 million XRP was transferred between two unidentifiable wallets.”
That’s $6 million worth of XRP being moved in a single transaction.
In any case, Ripple and the markets are clearly excited about the future launch of xRapid that could occur within the coming weeks. XRP’s rise in price continues to lead the rest of the market.