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Cryptocurrencies rally over Ripple's digital coin issuance

30 September, 2018, 18:25 | Author: Lawrence Cooper
  • XRP was piloted with 12 banks before xRapid launch clarifies Ripple executive

According to experts, altcoin bears are expected to stay while XRP might get a jump.

Over the past week, XRP has surged in price to almost triple in value. For me, there's really one big contributor that sticks out; here's why. But what exactly has been causing this drastic price gain?

Ripple has had some major moves during the last week with announcing that the Commercial Bank of Saudi Arabia will be joining RippleNet, the network of Ripple's valuable partnerships, that now counts more than 120 banks and financial institutions across the globe.

Using the RippleNet framework, interacting businesses across the Atlantic will be able to receive payments to settle invoices instantaneously, which will dramatically transform how organizations manage their books.

The expansion of a best USA bank like PNC on RippleNet energizes the network's positive momentum. The meeting will include speakers from Banco Santander, Payments Canada and other financial institutions and regulators, as well as former President Bill Clinton.

Obviously this announcement was a positive one for the Ripple community.

Other financial institutions that have recently made a decision to use Ripple's products by joining RippleNet include Saudi Arabia's National Commercial Bank (NCB). As just described, this scenario is unrealistic considering the bitcoin price will continue to rise and new bitcoins will come into circulation.

Fear of missing out is also the reason behind the rally of Ripple, "InstaReM and RationalFX opened up new corridors from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka, and Bangladesh".

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PNC now boasts more than 8 million customers and is located across 19 states. So it allows, for example, a bank that's trying to send money to Mexico to use XRP as the intermediate currency.

However, XRP trading also accelerated in the past days, making it possible for McCaleb to place more of his 5 billion XRP wallet.

PNC is one of top 10 US banks by assets held. All of the lawsuits that were filed against Ripple Lab claim that XRP is a security.

What do you think about Jed McCaleb's "increased" XRP sales?

I understand the reservations certain crypto purists have on the matter, but the fact that at least one cryptocurrency is taking efforts to not necessarily fight the system shows, at least to me, promise in the industry as a whole. As an addition to the chants and chitchats that filled the space, reputable persons and who's who in the crypto globe like Justin Sun, founder of Tron, began to applaud Ripple for its triumph over Ethereum.

Ripple's XRP rallied back to a morning intraday high $0.627 before easing through the afternoon to sub-$0.60 levels, the moves through the day leaving the day's major support and resistance levels untested. This time, we can clearly see that this is not the case.

Ripple was the standout performer during last week's big crypto resurgence.

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