XRP Is Surging as Financial Institutions Join Ripple Network
XRP led the market recovery on Tuesday as the news filtered through that Saudi Arabia’s National Commercial Bank (NCB) has will start using RippleNet blockchain products.
The news compounds yesterday’s announcement that one of Japan’s largest financial institutions would adopt Ripple’s blockchain tech for use in their MoneyTap app, which allows for instant payments using as little as a QR code.
The news appears to have swung the general sentiment in favour of the XRP coin – helped in no small part by the fact that it reached a nine-month low earlier this week, giving hesitant investors more incentive to take a chance on all this recent hype.
XRP Coin Price Jumps 15%
The majority of Tuesday afternoon’s price gains came within the space of forty-five minutes, as the coin jumped from $0.280909 to $0.310461 between 12:14 and 12:59 UTC. However the momentum had been building since Monday night, when the news of Ripple’s successful Japanese ventures hit the newsfeeds.
From yesterday’s daily low of $0.268184, the coin gained 15.76% in total during the spike, which hasn’t yet settled at time of writing. Volumes continue to rise, and despite a brief fall back down to the $0.307 range, XRP could be set to continue to rise throughout the day as this morning’s market recovery gains traction.
The global market gained 3%, or just under $6 billion, between 11:00 and 13:00 UTC in a rapid two hour growth spurt, and XRP looks to be set for more growth as Bitcoin and Ethereum catch up.
RippleNet Gains Financial Use-Case
According to Ripple.com’s announcement:
“NCB will connect to other financial institutions around the world through RippleNet. Ripple’s blockchain technology also provides their customers with faster and more transparent international payment services. The bank will first connect to financial institutions in North America and Asia, starting in Singapore.”
As covered on CCN earlier today, RippleNet now boasts over 100 financial institutions on its network, and XRP seems fast on the way to becoming the Banking-specific cryptocurrency and blockchain that it has always aimed to be.
Or at least, that’s how the market appears to be reacting. There’s a hard core the crypto community who will always maintain that Ripple is a centralized hot-mess. While even on the mainstream side of things there remain questions over XRP’s legal classification, with several lawsuits claiming that it should fall under the label of a security.
Either way, it remains the third-largest crypto enterprise in the world with a market cap of just over $12 billion. The two pieces of news from the last two days, coupled with the subsequent rise in valuation suggests that mainstream institutions care less about questions of centralization than crypto enthusiasts would care to admit.
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