It’s a good day for cryptocurrency investors as most altcoins recorded impressive price gains in the last 24 hours. Ripple’s XRP has been the most notable coin as it has surged an incredible 45% in the same period to trade at £0.35 ($0.46).
Reason for Ripple’s XRP price boom
Ripple’s XRP has been performing admirably in the last few days largely because of the RippleNet’s platforms efforts to partner with financial institutions and firms such as PNC Bank, as well as reports that Ripple is planning to launch its xRapid payment network soon.
Speaking to CNBC in an interview on September 17, Sagar Sarbhai, the head of regulatory relations for Asia-Pacific and the Middle East at Ripple, hinted that the Ripple could launch its xRapid product ‘in the next month or so’, helping banks and financial institutions transact using its native token XRP.
Deal with Saudi National Bank
Notably, the platform also announced a major deal with the national commercial bank in Saudi Arabia on September 19, a deal that would see the bank’s customers receive real-time cross-border payments. The bank said that it will utilise RippleNet to connect with other financial institutions across the globe, particularly those based in North America, Asia and Singapore.
Bitcoin, Ethereum and most altcoins record price gains too
Bitcoin, Ethereum and most altcoins were also not left behind, as the price gain was reflected across all major coins, according to CoinMarketCap.
Bitcoin experienced its first significant pump of the week, gaining 5% in the last 24 hours to trade at £5092 ($6,742), as of this writing. The coin appears to be stable despite the hack of £45.49 million ($60 million) at Zaif, a Japan-based cryptocurrency exchange.