Over the past couple of hours, there has been a bullish correction across the digital currency market, and a lot of digital currencies are currently in the green. XRP (XRP) – the third largest digital currency in the market – is one of the top gainers over the past twenty-four hours.
The Value of XRP Rebounds
The value of XRP increased considerably on Friday since then, the digital currency has seen an increase in value of more than 16%. XRP has also increased by about 40 percent since it tested the low of $0.247. The increase in the value of the coin coincides with the recent announcement made by Ripple Labs regarding their plans to strengthen xRapid – an international payment solution.
Ripple Inc. also recently listed three preferred digital currency trading platforms as its partners – Bitso in Mexico, Bittrex in the US, and Coin.ph in the Philippines. The firm chose these platforms based on their high holding of XRP.
Hence, financial institutions associated with Ripple Labs can create accounts with the aforementioned trading platforms to start trading fiat currencies for XRP, which can later be used to carry out seamless cross-border payments on the ledger of Ripple.
The recent announcement could have ignited a positive buying sentiment among investors, which has resulted in an increase of more than 16 percent in the value of the coin over the past twenty-four hours. However, the digital currency has been in a recovery mode since the 13th of August, and the most recent price action might have just magnified it.
XRP (XRP) Price Today – XRP / USD
At the time of writing, XRP (XRP) is changing hands at $0.3502 after an increase of 16.9 percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $13.78 billion with a trading volume of $542.57 million over the past twenty-four hours.