Ripple (XRP) is either on steroids or rather enjoying a unique boost that is making other digital assets envious. The current upward thrust was first ignited by the news that Ripple was going to launch a commercial version of its payment solution, xRapid in the next month. As reported by Cointelegraph, a cryptocurrency news website, the Head of regulatory relations at Ripple Asia-Pacific as well as the Middle East Sagar Sarbhai broke the news while in an interview with CNBC. The executive said that the network is on track with the development of the product and the launch is likely to take place in a month’s time.
“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,” Sagar Sarbhai reckoned.
xRapid is a payment solution that is guaranteeing financial institutions and other payments providers low-cost liquidity. The platform is designed to minimize cost without compromising on customer experience. Ripple is bringing xRapid in the market to solve the challenges that payment providers are currently facing due to the lack of liquidity in potential and emerging markets. xRapid is able to drastically decrease the capital required to set up pre-funded local currency accounts across the world in return, it will bring down the high costs of liquidity and foster the growth businesses while expanding the current.
Ripple (XRP), on the other hand, continues to gain momentum in the market. The above news has been a great anchor which has awoken Ripple price in a massive way. It is as though a sleeping giant has been poked and it’s ready to take its rightful place in the market. Ripple surged over 60% this week alone from trading in a range around $0.28 to test the critical $0.5. Other cryptocurrencies are playing catch up at the moment but Ripple is performing independently of the forces in the market.
At the time of writing, the digital asset is up 38.32% in the last 24 hours, although it is seeking balance with an aim of establishing a support at $0.440. There has been a minor correction from the recent highs of $0.48 but a couple of support areas highlighted at $0.44 and $0.42 will halt downward movements in the event an extended trend reversal occurs.
Bank XRP has today directed our attention to XRP trading volume which has surpassed the $1 billion mark. According to the data displayed by CoinMarketCap, XRP’s trading volume currently stands at $1.5 billion in the last 24 hours. This is a significant increase from $246 million traded at the beginning of the week.
Furthermore, Ripple (XRP) market capitalization has been on a drastic rise in the past few days. For instance, on Monday 17, the market cap stood at $11 billion. However, at the close of the session yesterday it was $12.9 billion. Similarly, at the time of press, XRP’s market capitalization is $17.8 billion.
Ripple is on its way to becoming the second largest digital asset in the market. Besides, the currently second largest crypto, Ethereum (ETH) with a market capitalization of $22.7 billion has been facing issues with investor trust, scalability, and security. While Ethereum is battling to convince the investors and clear the doubts, Ripple is making remarkable growth. It is only a matter of time until Ethereum is purged from the second position. Moreover, the existing gap between the assets is only $5 billion.