Cryptocurrencies across the scope of the global market have recovered some lost ground within the last two weeks. The likes of Bitcoin, Ethereum, and Bitcoin Cash have seen optimistic over the past days. Nonetheless Ripple (XRP) has enjoyed more spotlight than its challengers. The price of the coin rose to $0.79 which lead on over 100 percent flow since last week. The surge even saw the coin hurling itself temporarily surpassing Ethereum, into the #2 spot on the list of the world’s largest cryptocurrencies by market cap.
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Motives Behind the Ripple XRP Boost
While the price of XRP has stumbled, after enjoying massive gains over the past week, the cryptocurrency still magnetizes attention from individuals and financial institutions. It is the only cryptocurrency that has granted support from some of the world’s biggest banks and financial institutions, which include Standard Chartered, PNC, Royal Bank of Canada, Santander, Western Union, and Bank of Montreal. The company possesses more than a hundred associates, and they look forward to securing more partnerships with as many as 200 banks by the end of this year.
The surge is mainly a conclusion of a Ripple Lab’s statement of the so-called xRapid. The technology is designed to convert the fiat currency to Ripple’s native token XRP at the time of the transaction and convert XRP back to fiat at that specific time by linking to a crypto exchange in real-time. In other words, it’s a payment channel, which permits financial institutions to speed up the processing of mutlinational payments.
Cory Johnson, Ripple’s Chief Marketing Strategist, debated the efficiency and competence of the payment platform when leading and processing transactions. He said that transaction fees on the platform are less than transaction rates of banks. This is one of the major motives why Ripple XRP has acquired the consideration of big financial institutions and investors.
No doubt, Ripple is becoming an industry’s key, and considering all these news that shouldn’t be overlooked.
