Crypto News

Ripple shows a rapid 15.95{0ac728dcd10a1f0848214f193583cf4c3e1220f6f1fb6dafa5951ff14c482376} growth, potentially can go beyond its peak

This week looks to be a quite rewarding week for the cryptocurrency market as the crypto market has made a progressive start to the week with noticeable gains being seen for all the top Digital currencies.

As per Coinmarketcap the total value of the cryptocurrency market has witnessed an incredible growth amounting to a massive US$470 billion figure.

The major winner of this increasing trade undoubtedly has to be Ripple’s (XRP) price. While announcing this week’s development the price of the trending altcoin saw a growth of an incredible 16.32{0ac728dcd10a1f0848214f193583cf4c3e1220f6f1fb6dafa5951ff14c482376} against the dollar value and a 13.64{0ac728dcd10a1f0848214f193583cf4c3e1220f6f1fb6dafa5951ff14c482376} growth against the bitcoin. During the last 24 hours, its value has been to $1.05.

What exactly triggered this rise?

Well, there isn’t exactly any particular announcement or news which can be held accountable for this incredible growth. It can, however, give credits to the series of positive developments which have materialized over the course of time. The first of this series can be pinpointed to the announcement made last month by the global money transfer company Western Union when they all confirmed their intentions of evaluating the blockchain technology and are testing transactions with the alt coin Ripple (XRP).

Further-more Ripple stated on the news outlet Bloomberg that: “We have been testing various products with Western Union for quite some time. We’re really excited and pleased with our work towards a pilot implementation of xRapid, which utilizes XRP in payment flows.”

Also as of last week, it was revealed by CoinDesk that South Korea’s Woori Bank have tasted success while attempting a cross-border remittance test in which Ripple’s distributed ledger technology was implemented.

It was also further revealed, that expectations from this technology are that it will deliver much more ease and efficiency to banks cross-border transactions by totally eliminating the middlemen and taking them out of the equation. Rumours have been around stating that this step can be the stepping stone for the start of upwards of almost 60 Asian banks which may find a use for its application.

Backed by such pleasing developments it wouldn’t come as a huge surprise to see Ripple beating its peers’ Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) and making its way to the top.

Can we expect more from (XRP)?

Given the fact that  Ripple has dropped to almost 74{0ac728dcd10a1f0848214f193583cf4c3e1220f6f1fb6dafa5951ff14c482376} since peaking at US$3.80 during the start of this year, there’s arguably tremendous potential for it to rise even higher than $3.80 given sentiment continue to stay positive.

About the author

Safdarali Rizvi

Safdarali Rizvi the management graduate. Has been an avid book reader all his life so naturally loves playing with his words. His curiosity for discovering futuristic opportunities lead him to explore the world of cryptocurrencies. He has a real passion for calisthenics and sports. His management abilities and hunger for learning brings tremendous value to our team.

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