End of the Downtrend? XRP Has Gained 72% This Week
XRP’s mega breakout intensified on Friday, with the digital token surging by as much as 49% in anticipation of a highly-touted commercialization effort by Ripple Labs. This in turn helped fuel a bigger rally in the cryptocurrency market, possibly signaling the end of the most recent downtrend.
XRP Price Update
The XRP price peaked at $0.477 Thursday evening, its highest in two months. At the time of writing, the cryptocurrency was valued at $0.469, having gained 37.7% on the day.
Since Tuesday, XRP’s price is up a staggering 72%, according to CoinMarketCap data. Trade volumes have increased more than 600% over the same period. Turnover in XRP approached $1.9 billion on Friday.
Several major exchanges reported a large spike in XRP trade volumes. Binance, Bitfinex and Bitbank were the largest markets for spot XRP trades.
XRP’s market cap is up $5.5 billion over the past 24 hours. The large influx spurred a much wider rally across the digital currency market with all major assets reporting gains. The total market capitalization of all cryptocurencies currently sits at $218.8 billion, up nearly $19 billion on the day.
Excitement Surrounding Ripple
Ripple dominated the headlines this week after its joint venture with Japan’s SBI Holdings announced plans to launch ‘MoneyTap‘ in the not too distant future. MoneyTap is the first commercial application that provides instant bank transfers to Japanese residents 24 hours a day, seven days a week. The app, which will be available for Android and iOS devices, is backed by Ripple’s xCurrent solution.
One of Ripple’s top executives has also teased a promising new feature that could hasten the adoption of XRP and push prices even higher. Sagar Sarbhai, the regulatory relations lead for Asia-Pacific and the Middle East, recently told CNBC that Ripple will release a new product centered on its xRapid system “in the next month or so.”
While Ripple’s partnership network extends to hundreds of companies, it has yet to announce specific product offerings for xRapid. With xRapid, Ripple plans to help companies “source liquidity” in cross-border payments. According to Forbes, Ripple’s CEO Brad Garlinghouse has promised there will be “dozens” of banks using xRapid by the end of next year.
Ripple Labs has yet to provide an exact timeline for the xRapid release, which means speculation could continue pushing prices higher in the near future.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.