The XRP (XRP) token received a major boost after rising to 4% today. The price movement has seen the digital asset gain more ground on Ethereum (ETH). This boost comes after XRP’s CEO Brad Garlinghouse lashed Bitcoin (BTC) for its shortcomings and called for a global framework.
According to Garlinghouse, XRP is tackling its cross-chain payments issue and that the value of any digital asset is its ability to handle problems like these.
XRP Could Replace Swift as the Default International Payments Processor
The CEO also had more to say regarding the international payments processor. Garlinghouse addressed speculation and rumors that have been spreading that XRP could collaborate with a major rival Swift (are currently the international payments processor) owned by the biggest banks around the world. According to Garlinghouse the XRP network could eventually replace Swift as the default international payments processor in the near future due to its exponential rise to prominence over the last few years.
XRP’s latest price movement indicates that the cryptocurrency now has a market cap of just over $21 billion. Which is close to matching Ethereum’s $21.5 billion market cap according to data collected by CoinMarketCap as at time of writing this publication. The XRP token, has experienced a phenomenal few months.
This is rise has been attributed to the fact that banks around the globe have been experimenting with XRP’s technology. The network has been working swiftly to optimize the worldwide payments network via its exchange network and payment protocol. XRP (XRP) Price Today – XRP / USD
XRP Lost 80% From Its Peak Record Despite this Upward Price Shift
XRP is down by 80% from its peak position despite the positive price movement in recent months. This is because most of the major cryptocurrencies had to re-adjust after 2017’s huge bull run. XRP’s price surged upward to $3 last year, which is up from the $0.006 it started the year at. It is now trading at $0.40, giving it a market cap of $21 billion. Hence, placing it third among the most valuable digital assets. The price of the digital asset has been climbing higher in the last few months after it was heavily sold off early the year.
Other Factors That Pushed XRP’s Price Upwards
XRP’s product, xCurrent, is designed to help banks settle international transactions using the blockchain to confirm any transactions in real-time at any stage of cross-border payments. Earlier this year the crypto network teased xRapid, a system similar to the former that uses XRP’s tradable token directly. XRP’s announcement about xRapid back in September sent the digital asset’s price soaring as a number of traders and investors zoomed in which increased adoption.
Garlinghouse spoke at the Crunch Disrupt SF 2018 on September 5, at Moscone Center, San Francisco, California. The CEO also talked to the deputy general counsel of the International Monetary Fund, Ross Leckow, at the Singapore Fintech Festival. He spoke with Lecklow regarding how the regulatory environment toward the blockchain and digital currencies in Asia has been encouraging.
Meanwhile, Mitsubishi UFJ Financial Group (MUFG) of Japan, last week revealed that it was collaborating with Banco Bradesco of Brazil to launch a new cross-chain payment service with XRP’s technology.