Cryptocurrency XRP is leading price increase as Ripple looks to new launch

Cryptocurrency XRP is leading price increase as Ripple looks to new launch

XRP was released on a distributed ledger in June 2012, with 100 billion XRP created before Ripple the company was formed in September 2012. "We are focused on providing our clients with capabilities that enable making secure digital payments in an instant, whether they are sent across the street or across the world". Ripple says that this number is more than three times the official government aid that has been received previous year. And the reason behind this is the number of lawsuits that Ripple Labs is dealing with.

Banks all over the globe have been turning to blockchain technology as they are hopeful that it would help them streamline some of the most cumbersome and dated transaction processes. He said: "In 2016, we piloted 12 banks".

After Ripple has made the announcement regarding this partnership, PNC bank's stock went up a lot. How exactly does it work?

XRP (CURRENCY:XRP) traded up 1.7% against the U.S. dollar during the 1-day period ending at 17:00 PM Eastern on September 15th. xRapid allows companies to minimize their liquidity costs as the use of Nostro/Vostro accounts is not required as part of the payment transfer process - freeing up funds that would otherwise be tied up for prolonged periods.

This is flawless for banks, which have historically been hesitant toward the use of cryptocurrencies, as the xCurrent product does not use Ripple's digital currency, XRP, unlike the xRapid platform.

The company has struck deals with various high-profile financial institutions, including Santander and American Express.

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The bank's Treasury Management division will begin accepting cross-border transactions using the firm's xCurrent product, Ripple's senior vice president, Asheesh Birla, told CoinDesk Wednesday. Detractors also allege that Ripple will never become mainstream. However, Ripple then answered that the sample was quite small to see a difference.

Justin Sun, the CEO of TRON, argued in a recent tweet that the recent surge of XRP in the market was due to the PNC Bank recognising the protocol of Ripple. These partners have been using xCurrent. According to Brad Garlinghouse who works as Ripple's Chief Executive, there are "dozens" of banks that are going to use xRapid by the end of 2019. Currently, the XRP price stands at $0.58, with a supply of 39,809,069,106 coins.

Since September 18, within six days, the crypto market added $34 billion to its valuation.

NBC will make use of RippleNet by the last quarter of this year and would result in its customers experiencing much faster and more transparent global payment services.

XRP/USD is up more than 2 percent on day at $0.587, trading in more than 5 percent range for the day enthused by last week's momentum which drove prices up by more than 192 percent before it cooled.

"These 4 assets were selected specifically based on their potential to contribute powerful infrastructure to the broader crypto ecosystem", Agarwalla wrote in a blog post.

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