XRP, that has been labelled as one of the worst performing coins in 2018, skyrocketed by almost 80% on 21st September 2018 making an invisible comeback. The coin rose to 77 cents, making 185% gains in a period of seven days, in corresponding with information from CoinMarketCap.com.
Ripple’s market cap also rose to approximately $26.8 billion, overtaking Ethereum as the globe’s second most valuable digital currency after Bitcoin.
The Ripple Firm
Ripple is basically a fintech firm that facilitates international transactions and is the major shareholder of the XRP coin. XRP is a digital currency, independent of Ripple firm.
The Factors Behind this Sharp Upward Trend
The positive trend of XRP was kindled by rumours of XRP’s new product launch in October. One of the Ripple executives reported to CNBC that the company was on the verge of launching its xRapid product, projected to assist financial institutions to speed up activities by embracing the XRP cryptocurrency.
“I am very confident that in the next one month or so you will hear some good news coming in where we launch the product live in production.” These are the words of Sagar Sarbhai who is the chairperson of regulatory relations for Asia-Pacific and the Middle East at Ripple.
The xRapid Product
Ripple said its xRapid product will utilize XRP as a “bridge” between various cryptocurrencies, which enables customers and financial institutions to carry out faster cross-border activities.
Joe DiPasquale, head of the cryptocurrency fund of hedge funds BitBull Capital praised the xRapid product and said that the product will boost XRP’s price recovery.
“People are definitely buying the news. This is another case of Ripple showing its dominance in real-world relationships with financial companies, and yet another spike in XRP’s price because of it.”
Recently, a US financial institution PNC said it would utilize Ripple’s blockchain network for cross-border businesses like wire transfers, although it will not be using the XRP Cryptocurrency.
Despite the upcoming product launch and the partnerships Ripple has established so far, the coin still has a long way to hit this year’s peaks of above $3.60, experienced in January.