Sarbhai also added that the firm was making steady progress with xRapid, which is meant to help banks speed up transactions by using XRP. Called xRapid, the service lets financial companies such as payment providers speed up money transfers into emerging markets using XRP, which Ripple says is an independent digital asset. What's more, the fundamental difference between xRapid and xCurrent could have a bearing on the price of XRP.
PNC Bank, the ninth-largest bank in the U.S.by assets, is the latest institution to join Ripple's enterprise blockchain network RippleNet. In August, when XRP's price was around $0.3, a sell order of 500,000 would net $150,000. But the news boost lasted only over the weekend and the world's third-most valuable cryptocurrency token has shed as much as 40% of its gains since yesterday. All of the lawsuits that were filed against Ripple Lab claim that XRP is a security.
Coil is a recently founded company headed by a former Ripple executive, that allows the internet's largest companies to effectively accept XRP as a form of payment, expanding its use from simply a settlement vehicle to an effective currency.
Ripple (XRP) continues to trade positively on the recently launched RippleNet, a decentralized global network of financial institutions that is now active in over 40 countries. Major banks such as UBS and Santander have already adopted Ripple to help in its cross border transactions.More news: SiriusXM presses play on deal with Pandora Media
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The market value of the top 100 currencies was over 80%, and XRP led the gains as XRP price increased 18.52%. However, Ripple in contrast wants to provide technology that will make the existing banking system more efficient.
A bullish start to the day saw Bitcoin Cash hit an intraday high $512 before hitting reverse, the day's high falling short of the first major resistance level at $527.97. However, it seems XRP ran out of momentum but ETH didn't, as Ether is now at a market cap of $24,792,894,213 ($242.82 +15.07%) whereas XRP is back down to $22,049,371,765 ($0.55 +27.91%). BTC has a total capitalization of $115.7B and a market dominance 52%. According to data from digital currency tracker Coinmarketcap, Bitcoin has dropped to around $6,650 following a slow, but steady decline in today's morning trading. XRP is up 15% at the time of posting and more good news might be coming next month as well. As just described, this scenario is unrealistic considering the bitcoin price will continue to rise and new bitcoins will come into circulation.
As cryptocurrencies go into correction mode, the total market cap gets hit as well but still staying above $200 billion.
In the month of January, XRP made a remarkable price surge. This is especially true considering a bitcoin price of $10,000 could be within reach if institutional investors enter the market, be it through Bakkt or a physical bitcoin ETF by VanEck and SolidX, for example.