News that XRP technology had been adopted by a top USA financial institution drove the rally but XRP the token is not being usedfor now.
The value of XRP follows a strong upward trend. Ripple says that this number is more than three times the official government aid that has been received previous year. XRP's official Twitter account is @Ripple and its Facebook page is accessible here. PNC bank, which reportedly has over 8 million customers and a market capitalization of $380.7 billion, will use Ripple's financial products to create "an immediate impact on ... enabling PNC's commercial clients to receive payments from overseas banks in real time".
It is not surprising that news of xRapid's impending release would cause Ripple to increase substantially in value. The process will require a pre-funded local currency account for this to take place.
Senior vice president for product management of Ripple, Asheesh Birla, while commenting on this latest development stated that Ripple and its xCurrent solution is the first step towards cryptocurrency adoption in the banking sector. These collaborations are essential in providing the ecosystem in order to facilitate xRapid.
Ripples rise and background An article written yesterday provides some reasons why XRP rose so fast growing nearly 63 percent within 24 hours. Previously, Ripple had already added one of the largest banks in the Middle East. "How do we circumvent banks?'" This attitude has helped Ripple gain crucial partnerships with important financial players.More news: GOP pushing forward for Kavanaugh, accuser wants fairness
The xRapid has been catered mostly to banks. Ripple also built a relationship with companies such as Western Union and MoneyGram. However, Ripple then answered that the sample was quite small to see a difference. These partners have been using xCurrent.
The weekday opened to a shock for a lot of investors as a most of the cryptocurrencies in the market saw red after a week of bullish spikes. Ripple inked a deal with a division of PNC Financial Services Group Inc., which reportedly will use Ripple's xCurrent product to process global payments. Meanwhile, the broader crypto market is also enjoying a sea of green.
While far outperforming bigger rivals such as Bitcoin and Ether this week, XRP is still down by more than 50 per cent from its 2018 intraday high.
"When there's a sharp rise with one of the major cryptos it makes headlines and grabs people's attention and this could indeed bring some fresh liquidity to the market", said Matthew Newton, a London-based analyst at eToro, a trading platform.
However, whether or not such a move would have business benefits to the ZCash Company itself, which oversees the protocol of ZCash, is now unclear.