XRP Leads Crypto Market Recovery amid Commercialization Push

XRP has generated considerable buzz over the last two days after the head of Ripple’s Asia Pacific unit announced plans to launch the first commercial version of the xRapid system “in the next month or so.” The news came just as SBI Ripple Asia said it would launch a new mobile payment application in the near future.

XRP Price Update

The XRP price jumped 9.3% to $0.306, the highest in over a week, according to CoinMarketCap. The third-largest cryptocurrency by market cap has also generated a 77% spike in volume over the past 24 hours, with the largest activity generated on ZB.com, Binance and Huobi. Trade volumes peaked at $375 million on Tuesday.

At press time, XRP had a total market capitalization of $12.1 billion.

The broader cryptocurrency has rebounded from Monday’s low but is down 2% over 24 hours. With the exception of XRP, all major cryptocurrencies in the top-30 are reporting daily losses.

Push for Commercialization Continues

Stellar has lit up the headlines over the past two days with multiple initiatives aimed at strengthening enterprise and consumer adoption of blockchain-based payment solutions. As Hacked reported Monday, the San Francisco-based company’s joint venture with Japan’s SBI Holdings has announced plans to launch a new mobile payment app for Japanese customers.

MoneyTap, as the product is known, uses Ripple’s xCurrent system to settle domestic transactions instantly 24 hours a day, seven days a week using a QR code, phone number or bank account. The app, which will be available on Android and iOS, is the first major consumer-oriented service launched on Japan’s Ripple network.

Sagar Sarbhai, the head of Ripple’s Asia-Pacific and Middle East regulatory department, recently informed CNBC that a commercial application of the xRapid protocol will be released in the next month.

“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,” Sarbhai said in reference to xRapid.

Meanwhile, LG’s mobile unit has announced it will join the Ripple, Stellar and Swift networks to boost cross-border payments overseas. LG Uplus will allow users in Japan, Taiwan and the United States to send blockchain-based payments around the world through a cross-carrier payment system, or CCPS for short. A pilot service is expected to launch sometime next year.

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.

Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi