In what is being considered a positive and somewhat shocking improvement, Ripple’s prices surged by a record 84% in a single day. Reports from across the cryptocurrency industry have been nothing but positive about the XRP cryptocurrency, which is enjoying its robustly snagged 3rd spot with a market cap of $18B.
Surprising but well-received
While there have been encouraging movements across the board in terms of cryptocurrencies lately, Ripple (XRP) was as a laidback player, trading at prices that did not vary greatly on a day to day basis.
That is one of the reasons why the sudden and significant rise of Ripple seems to have taken what was just another week and turned it to be a high point for the cryptocurrency world as a whole.
Just a day ago, the price of XRP stood at its somewhat normal $0.27. Earlier this morning, it shocked stakeholders and hit $0.70, an increase of a mind-bending 84 percent.
A Reason to Celebrate
Ripple is now marking its rise from its market capitalization from $237 million at the start of this year to an approximate $18 billion.
This would also have positive effects on the currency’s payment network, RippleNet, which has been working to establish its reputation as a global money transfer service that focuses on the usage of blockchain technology.
RippleNet could benefit from this publicity
The payment transfer company that is behind Ripple works on providing solutions for easy transfer of funds. It aims to provide payment solutions that are effective in processing transactions in less than 5 seconds each, across multiple currencies.
It then integrates Ripple into the RippleNet payment solution network to urge users to utilize the cryptocurrency for their day to day needs. The payment solutions provider is currently collaborating with financial institutions in order to become the premier cryptocurrency that is not just a means to trade currency, but also offers a quick, cost-effective way to transfer funds globally.
Ripple Is Enjoying the Ripple Effect
There have been numerous theories about how Ripple could have enjoyed this recent surge in its worth.
Some members of the community are pointing towards the recent developments in the cryptocurrency world that range from the launch of Bitcoin Futures at the Chicago Board Options Exchange to France’s recent announcement regarding blockchain technology. Others believe that it was due to how Ripple recently partnered up with banks in Japan and South Korea to test its blockchain-based payment transfer technology.
More positive news from Ripple
The tests involving blockchain payment solutions begin Friday and will be aiming to achieve same-day international funds transfer, all while cutting costs by around 30%.
SBI Ripple Asia, a part of SBI Holdings, will lead a group of 61 Japanese banks. The operations from Seoul will be maintained by DAYLI Intelligence. The institutions that are to take part in this trial include Resona Bank, Sumitomo Mitsui Banking Corp., and others.
If everything goes according to plan, then Ripple’s blockchain payments platform could carry its first actual funds between Japan and South Korea in early 2018. Ideally, the banks aim to send money by using Ripple’s cryptocurrency, which is only going to add to its recent boost.
All things considered, Ripple has gotten a jolt of life and it’s very pleasant to see that since the coin has been waiting to make its mark similar to its more well-known counterparts. It will be interesting to see how the events unfold for Ripple and RippleNet from here onward and if the cryptocurrency is able to uphold this spike in its worth.