XRP has risen by a total of 68% over the past three days and 105% in the past seven days. Most recently, U.S. banking giant PNC to adopt Ripple's xCurrent product to handle cross-border payments, though xCurrent itself doesn't utilize XRP. Ripple owned about 60 billion XRP, with the majority of it held in escrow, as of July, according to information listed on the company's website.
XRP (XRP) has been in the limelight more often lately, as the third largest digital currency in the world by market cap found favor in the sight of the bulls. Purchasers shielded more gains and Ethereum price stayed underneath $250. Within a few minutes, ETH shot up from around $230 to $250. Still, XRP easily competes with Ethereum and even Bitcoin in terms of daily transactions. Despite the fact that the price of Ripple (XRP) retraced heavily on the same day that it shot up towards a price of $0.80, it preserved investor confidence by entering a major bull flag instead of falling back to the trend line. By contrast, XRP's market share nearly doubled from 5.5% to 10.2%.
The expansion of a best US bank like PNC on RippleNet energizes the network's positive momentum. "PNC being the most recently announced bank shows that Ripple is making huge progress globally toward mainstream adoption, providing cheaper, faster and more transparent payments".
The partnership will be offering excellent services to commercial customers of the bank. At any rate, Ripple's avant-garde financial technology outpaces its competitors in terms of effective down payments costs, processing fees, and transparency, ensuring expeditious transactions across the globe.
This news comes as a boost for Ripple as some experts in the crypto industry have started to become skeptical about xCurrent and its use for cross-border payment. Executives have announced that within the next month, they plan to release a new product known as "xRapid," which is created to assist payment providers and other financial institutions looking to minimize their liquidity costs and improve their customers' experiences.
Venezuela’s Maduro hammers Washington but says he’s willing to meet Trump
Beyond rallying Maduro's opponents, it's unclear what impact the sanctions will have. The sanctions were the result of accusations of corruption by Maduro's government.
"xRapid on the other hand, leverages communication systems to allow institutions to settle inter-bank transactions using the XRP digital asset".
All of these factors are probably contributing heavily to XRP's bull run. Besides, purchasers neglected to push ETH price over the 61.8% Lie retracement level of the last decrease from the $254 high to $232 low.
We would like to explore this mathematical experiment briefly.
Currently, there is no obvious cause for the Ripple price rally, other than the San Francisco-based Blockchain technology startup recent proclamation that Ripple-based commercial Blockchain tech applications will go live "in the coming month or beyond". Considering the large gains of cryptocurrencies throughout September, it is positive that the market has obtained a minor breathing room to strengthen momentum. Bitcoin now counts for 51.7% of that total value; at the market's lowest total capitalisation it accounted for over 57.5%, the highest its share has been in 2018. Furthermore, it should be noted that Ripple still retains more than 50% of all XRPs in a trust account in order to gradually circulate them, which will result in an increased supply.
Find out when XRP reaches critical levels. Do your market research before investing in cryptocurrencies. He also added that "What we're now seeing is more and more regulators, policymakers taking the whole space in one conjunction".