After a hugely positive roundof news coming out regarding its RippleNet partnerships with large financial institutions such as the National Bank of Saudi Arabia, and the PNC Bank of United States, the XRP token has continued its upward trajectory in regards to price value, surging ahead of Ethereum.
More to come with Ripple?
Although the XRP token has increased up to 69% in terms of price value within the last 24 hours, it is certainly possible that this price rally can continue, given that the xRapid network is set to launch within a week’s time. Many people have been anticipating the release of the xRapid network as it will have a significant effect on the remittance payments industry. Just last month, Stellar and IBM launched the Blockchain World Wire, which intends to compete with the xRapid in a big to be the best cross-border blockchain payment solution.
Will history repeat itself?
On the other hand, some cryptocurrency investors doubt that Ripple will continue to be the second most valuable cryptocurrency in the long haul. Back in December 2017, during a similarly strong rally, Ripple overtook Ethereum for a brief period of three days before a series of dumps led it to fall back down to its usual third place position amongst cryptocurrency tokens.
Good news all around
Ultimately, the main positive that comes from the drastic surge in Ripple’s (XRP) prices is that it is the first sign for many market analysts that the cryptocurrency market is still active. Today was one of the first days where the trading volume over a 24 hour period was over £15 million ($20 million), which is a sign that investors are flooding back into the market due to a sudden increase of demand.