London loves Cryptocurrency. Prices likely to surge very soon

Daniel Fowler
September 25, 2018

While the bank hopes to deal with many other financial institutions in the near future, according to Ripple; the bank would be connecting first with the institutions in North America and Asia, with Singapore marked as the starting point in the continent. However, RippleNet has had a positive impact on the value of XRP so far. This jump comes after a Ripple executive told CNBC on Monday the company could launch its cryptocurrency-focused product xRapid "in a month or so".

The market value of the top 100 currencies was over 80%, and XRP led the gains as XRP price increased 18.52%.

And, as CoinTelegraph's Moilly Jane Zuckerman notes, Ripple (XRP) has now overtaken Ethereum (ETH) to be ranked number two by total market capitalization on CoinMarketCap.

However, as tantalizing as this is, Ripple hasn't disclosed which banks or financial institutions have been testing xRapid.

While the technology behind xCurrent is not in itself blockchain, it has the potential to plug into distributed ledgers, allowing easy implementation of blockchain technology into the banks' workflow later. These collaborations are essential in providing the ecosystem in order to facilitate xRapid.

At the time of writing, Ripple's XRP was up 2.76% to $0.58997, with Ripple's XRP recovering from an early dip to a morning low $0.55921 to strike a morning high $0.5967, before easing back, the day's moves leaving the major support and resistance levels untested.

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The World Bank says that global remittance managed to eclipse $600 billion past year. The organization was later renamed to the Ripple labs, and the program code was also made the open source to receive worldwide contributions towards it.

The company also said that their cheaper, reliable and faster payments services would serve as a lifeline for numerous poor people across the world.

"Mr. McCaleb's increased sales of XRP could be another factor that drags on the token, which Ripple has used to fund its growth and is meant to help run its payments-protocol software", the report read. Reports of successful xRapid pilots by various financial institutions have already hit the market over a period of time. With xCurrent, PNC business clients in Pennsylvania will be able to receive payments from a United Kingdom buyer instantly, for example. This product, unlike xRapid, does not use digital currency to help cross-border transactions but does it using Ripple's blockchain network.

Despite a slight slide ETH's ranking by market cap, ETH also produced bullish price action today gaining by over 10% in the 24 hours from $210 to now be trading above $230 after breaking the descending trend line that has guided Dollars price action since May.

"I think that the holders of crypto or the holders of Bitcoin have very little understanding of what's going on in the macro environment".

Birla said it is "exciting" to see Ripple's efforts begin to be be implemented, particularly in emerging and under-served markets.

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