Clues Behind XRP’s Value Spike
However, experts believe that recent happenings at Ripple might be responsible for the spike. The social media buzz around a new product has also been cited.
XRP Makes History With Unexpected Value Spike
Friday has been marked as a historic day in the cryptocurrency world following development at XRP. On Friday, XRP witnessed a massive price spike. The spike was the highest to be recorded by any cryptocurrency after the recent plunge. Experts were puzzled after the huge spike occurred within 24 hours.
However, the recent development at Ripple might offer some explanation for this spike. Ripple owns XRP and it offers payment solutions. Recently, Ripple rolled a connection system dubbed RippleNet. This development might have an answer as to why the price spiked.
Over the recent past, Ripple has been positioning itself in the market by signing deals with a number of financial institutions on a global scale. At the moment, Ripple has deals with Saudi Arabia’s National Commercial Bank , PNC and SBI. The banks are joining Ripple due to the RippleNet feature. The feature is a blockchain backed platform that joins banks while at the same enabling transfer of funds and processing. The platform is considered quick and affordable.
Impact of Ripple Products on XRP Value
Marcus Treacher a senior official from Ripple said that RippleNet has penetrated in over 40 countries. At the moment, inflows stand at around $2 billion within a year. RippleNet growth comes at a time when rumours are circulating that the firm might be launching a new product. The anticipated new product might be the explanation behind the price hike. Experts argue that the buzz behind the rumours might be responsible. It is believed that the product might be Xrapid and it will take over from xCurrent.
At the moment, the xCurrent system is presently deployed by Ripple’s payment partners. With xRapid, the XRP token is set to be used in payments making work easier. Such a move will propel Ripple’s efficiency in processing payments under RippleNet, in return positively impacting the token value in the market.
Experts are keenly looking at the future regarding how XRP will perform. The currency is looking good despite the market volatility.