There are a few reasons why ripple can increase significantly.
On 14 August 2014, Ripple revealed that following "Jed's stated intention to sell his XRP, Ripple Labs reengaged Jed to ensure responsible distribution of his XRP stake in a way that helps grow the Ripple ecosystem" and that Jed had agreed "to lock-up terms for his XRP".
This happened on Friday when Ripple gained more than 70 percent of the market capitalization in a matter of just 24 hours. Sagar Sarbhai who is the head of regulatory relations for the Asia Pacific and Middle East for Ripple talked to CNBC and mentioned that the xRapid product is going to be available for commercial applications. PNC will not be using XRP, according to reports.
"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". "I think we're really excited about xRapid, I personally am really excited about how our customers in the pilot phase of xRapid like the experience", Birla said. We know that it has links with 120 banks, but these companies have been using the similar but separate xCurrent platform. How exactly does it work?
At the time of that agreement, Ripple said that McCaleb and his children owned 7.3 billion XRP. The process will require a pre-funded local currency account for this to take place.
The price increase of XRP is outperforming other more popular cryptocurrencies like bitcoin and ethereum, both of which have seen prices go up by 0.24 percent and 0.53 percent respectively in the last week.
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Currently, traditional transfers between countries can take several days as many banks do not have direct relationships with financial institutions overseas. Although perhaps not meant to be an official statement, these remarks serve to confirm other rumors that xRapid is nearing the end of its testing phase, and will soon be put into real-world use. However, it seems XRP ran out of momentum but ETH didn't, as Ether is now at a market cap of $24,792,894,213 ($242.82 +15.07%) whereas XRP is back down to $22,049,371,765 ($0.55 +27.91%). The availability of xRapid will mark the largest move yet of a blockchain-based product into mainstream use.
However, XRP is swiftly being pulled out of "security or currency" drama with the latest improvements, in the market as well as in the adoption plan for XRP.
One of the worst performing cryptocurrencies this year is making a comeback.
The Sunday session was a relatively quiet one for Bitcoin, with the coin mostly hovering in the low $6,700 area.
Since September 18, within six days, the crypto market added $34 billion to its valuation.