Back in September, XRP (XRP) saw a decent upward trend and tested new levels. The digital currency surged higher and tested a new monthly high. In a space of 24 hours, the value of XRP increased by more than 80 percent.
XRP traded close to the 80 cents level before it started correcting lower. It even briefly overtook Ethereum (ETH) to emerge as the second largest digital currency by market cap.
Nevertheless, the digital currency created by the founders of Ripple has been suffering losses over the past weeks. The recent price trend in the crypto market has even worsened the case, as even the most dominant coin, Bitcoin, is trading in the red. The value of XRP (XRP) started its downward movement as the hype that fueled the gains evaporates.
XRP (XRP) Price Today – XRP / USD
What fueled the rapid spike in the value of XRP back in September was the announcement of the launch of xRapid. However, the hype around the launch of xRapid has weakened, and so it the value of XRP (XRP).
XRP (XRP) Loses 40 Percent of Its High in September
Bitcoin (BTC) declined sharply in the early hours of this morning. The world’s most dominant coin declined by more than 4 percent in less than 40 minutes. However, it didn’t embark on this journey alone, as it carried the altcoin market along with it.
Ethereum (ETH) also followed the trend of Bitcoin (BTC), losing about nine percent of its value over the past few hours. XRP (XRP), on the other hand, has lost close to ten percent of its value over the past couple of hours. However, the digital currency has lost 40 percent of its value from the high of September. The digital currency tested the high of $0.77 in September and it has declined towards the 45 cents level at the time of writing.
Interledger Wants to Connect All Blockchains between XRP (XRP), Bitcoin (BTC), Ethereum (ETH) and Others
To send and receive digital currencies, people have to create different addresses on different blockchains. This means if an individual wants to send funds in ten different digital currencies, then ten different addresses need to be created on ten different blockchains. Fortunately, Interledger wants to change that.
The Interledger project wants to enable users to send and receive money from any crypto ledger without creating multiple accounts or wallets on different services. From XRP (XRP) to Bitcoin (BTC), Ethereum (ETH) and other digital currencies, Interledger plans to interlink all these blockchains. This will enable users to send digital currency funds between different ledgers without having to convert their digital currencies.
How Interledger Plans to Make this Happen
Interledger emerged as a platform that offers blockchain-agnostic smart contracts. The smart contracts on the platform would be universal and they operate on any blockchain via “Connectors.” Evan Schwartz– the Co-Inventor of Interledger, explained Connectors as independent operators that act as market makers or decentralized trading platforms for digital currencies, fiat currencies, and other tokens.
With this, an XRP owner will be able to send a specific amount of XRP to a recipient on the Bitcoin ledger. The connector will handle the conversion process and deliver the fund to the designated address.