XRP resurges by 80 Percent in 24 hours

Altcoins Cryptocurrency Market Update Ripple’s xRapid Sends XRP 20% Higher Martin Young

There are lots of reasons out there why the digital currency saw such a massive boost in its value. In other words, it helps banks speed up payments by using XRP and makes things easier for their clients.

Due to the wild volatility of the crypto market in recent weeks, it is entirely possible for the volume of major cryptocurrencies to pick up and recover in the next 24 hours. They would like to overthrow the present banking system. It has worked with the status quo every since its beginnings. "We view that as a sign of a diverse, healthy and growing network", said Marcus Treacher, SVP of Customer Success at Ripple.

According to CoinMarketCap, the current total value of the crypto-asset market is $225bn, that's up from a mid-September 2018 low of around $187bn, and around $191 a week ago. Ripple has already published "Case Studies" featuring Reisebank, ATB Financial, and Santander as successful implementations of their already existing products. Now Ripple is planning to launch xRapid. For payments, we think that has additional requirement. Transactions costs were reduced by 40 to 70 percent.

Interestingly, a typical global transfer takes just as long today as it used to take back in the '80s - a few days in some cases. Speaking of xRapid, Sarbhai stated "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". To use xRapid, a bank, or other financial institution will purchase the Ripple coin with their native currency, which will then be used to purchase a foreign currency, thus completing the transfer. Ripple also built a relationship with companies such as Western Union and MoneyGram. At any time, anybody can review the ledger and see a record of all activity on the Ripple protocol.

On September 19th, Ripple announced that one of the top ten banks in the United States, PNC Bank, had joined RippleNet.

Moreover, PNC has already completed a pilot phase and proof-of-concept for the payment rail and now the firm is absolutely ready to start utilizing xCurrent in a production environment.

This week, US banking giant PNC announced it would use Ripple's blockchain technology for cross-border transactions like wire transfers, but it won't be using the cryptocurrency XRP. In contrast, xRapid solves the liquidity problem apparent in cross-border payments by using XRP tokens to settle fiat transactions. Much less is he acting against or without the consent of Ripple Labs Inc. They ground their bullish expectations on the assumption that Ripple company will put its crypto-backed xRapid into commercial operation. The World's First Distributed ExchangeNo one owns or controls the Ripple protocol. He argues that XRP investors do not secure a shareholder-like position when they purchase the asset.

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