21 September, 2018 will remain in the history books as a day when a digital currency went wild. The digital currency in question is XRP (XRP), and a lot of traders, investors, and analysts are still wondering what triggered such a massive price rally for a digital currency that has spent most of its time struggling to keep its head up. What is even more surprising is the fact that the huge price bounce happened in less than twenty-four hours.
XRP is partially centralized digital currency brought into existence by Ripple – a firm that provides payment solutions to banks and financial institutions. Some people believe that the recent partnerships around Ripple and the connection infrastructure of the firm – called RippleNet – could be what triggered the massive price bounce.
XRP (XRP) Price Today – XRP / USD
The Recent Partnerships around Ripple Inc.
Over the past months, Ripple has been establishing partnerships and building bridges with several financial institutions and banks all over the world. The firm has also partnered with banks such as America’s PNC, the National Commercial Bank of Saudi Arabia, SBI – a financial giant in Japan -, and many others.
The fundamental reason why these banks are partnering with Ripple Inc. is their need to adopt RippleNet – one of Ripple’s blockchain solutions that links banks and provides payment solutions at a much cheaper and faster rate.
What Caused the Massive Price Swing?
The expansion of RippleNet, as well as the numerous partnerships around Ripple, could be the reason behind the recent price bounce of XRP. Also, the soon to be launched product of Ripple –xRapid – which uses XRP to facilitate cross-border settlements, is another reason why the value of XRP is testing new highs. xRapid promises to be much better than RippleNet due to the fact that it uses XRP to process payments. xRapid is set to launch in a month or so, and its launch could see the coin amass more gains.