XRP price analysis 19 September: Token’s value swells after Ripple’s announcement
The coin's value is up by more than 15% this morning, while trading volumes have soared 120% overnight.
- XRP is dominating the steadily rising cryptocurrency marketplace.
- Trading volumes have soared overnight, up more than 120% on yesterday's figures.
- Ripple revealed that it could launch xRapid, which uses XRP for liquidity, in the next month or so.
The XRP token has experienced some of the largest gains, up by almost one fifth (16%) over the past 24 hours.
The coin had been trading sideways since for the better part of a week. However, at around 4:00 am this morning XRP shot up rapidly, rising from US$0.274 to US$0.310 in the space of an hour. The coin has since fluctuated even higher, peaking at a weekly high of US$0.332 at 7:50 am before trickling back down to just above US$0.310.
At the time of writing, XRP was valued at US$0.314.
24-hour trading volumes are up by a whopping US$300 million, rising from US$246 million to US$546 million.
Ripple's head of regulatory relations for Asia-Pacific and the Middle East Sagar Sarbhai told CNBC that we will likely see real-world adoption of the company's xRapid product in the next month or so. xRapid has been undergoing a number of practical tests lately. The fact that it could be rolling out commercially within the next month could be a factor in the huge price spike of XRP, despite Ripple and XRP being two separate entities.
xRapid focuses on quick, low-volume payments. The commercial release of xRapid cracks open the doors to a much wider variety of customers, such as Western Union and MoneyGram, both of whom have been trialling the product. The international money moving business is enormous. It makes bitcoin look like chickenfeed.
Given the size of the remittance market, Ripple doesn't even need to make an especially large impact for XRP to experience a fundamental shift in economics and underlying demand. Assuming even a moderate degree of things-going-well on Ripple's part, and that the news of xRapid's commercial release is true, it might be pretty safe to assume interesting things for XRP prices in the next few months – just in time for Christmas.
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