Ripple’s XRP surges 45% overnight, with most altcoins also recording price gains

Ripple’s XRP has surged 45% in the last 24 hours, as other top cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash record a price gain, according to CoinMarketCap.

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.

Despite suffering a huge price drop in the past two weeks, the price of Ethereum ihas also finally gone upward, increasing 9% in the last 24 hours to trade at £172.27 ($225.30).

Apart from XRP, other top coins that have recorded double digit percentage increase in the last 24 hours include Stellar (19%), Cardano (18%), and TRON (15%).

James

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James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. He has been writing about crypto since he first learnt about cryptocurrencies in 2010. Initially, he was attracted by the disruptive economic and social implications of virtual currencies and blockchain technology, and over the years he has dedicated himself to learn everything he can about the industry.

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