The value of XRP (XRP) has increased significantly over the past twenty-four hours. The increase in the value of the coin has resulted in an increase of about ten percent in its overall market cap. The upsurge in the value of the coin also extended to some digital currencies, with Bitcoin (BTC) and Ethereum (ETH) seeing some gains too.
The upsurge in the value of XRP (XRP) came after Brad Garlinghouse – the CEO of Ripple Inc. – sparked speculation a much-anticipated partnership with SWIFT could be back on the table. Bitcoin (BTC) and other digital currencies in the market have a pretty tough week as the much-awaited institutional investment in the crypto space is yet to arrive.
XRP (XRP) Triggered a Rebound in the Crypto Market
The leap in the value of XRP (XRP) triggered a rebound for Ethereum by 3.5 percent and 1 percent for Bitcoin (BTC) over the past day. The market cap of Bitcoin Cash (BCH) surged by $2 billion after the digital currency added 6 percent to its value.
Speaking on a panel at the Paris Fintech Forum, the CEO of Ripple said that there were ways Ripple could work with its rival – SWIFT. Brad Garlinghouse was speaking alongside the out-going CEO of SWIFT – Gottfried Leibbrandt – who announced that the global payment system was collaborating with Ripple Rival, blockchain firm R3.
SWIFT boasts of 11k financial institutions and the system moves $200 billion across the globe on a daily basis. The payment network plans to link the platform of R3 with Global Payments Innovation – the new payments standards framework of SWIFT. Meanwhile, the CEO of Ripple took the opportunity to publicly criticize the aging system of SWIFT.
Garlinghouse said: “Over time, I think decentralized systems are likely to win. I think that today that is not what SWIFT is. He further added that “SWIFT today is a one-way messaging framework, it is not a liquidity provider.”
The CEO said: “When we think about an internet of value, it is a combination of two-way messaging frameworks – moving to a real-time chatting protocol if you will – together with real-time liquidity.
The value of XRP (XRP) surged over a couple of months last year as banks across the globe announced they were experimenting the technology of Ripple to save money and speed up on cross-border payments. Nevertheless, XRP (XRP) has lost more than 80 percent of its value since it peaked in the massive bull run of 2017.
The value of XRP (XRP) surged from about $0.0006 at the beginning of 2017 to more than $3 in January last year. However, the digital currency is now trading way below its all-time high. Ripple has several cross-border payment solutions. Some of its products include xCurrent, RippleNet, and xRapid.
xRapid is its most recent, and the announcement of the product in September last year send the value of the soaring as investors and traders bet that increased adoption from the financial services industry would mean higher demand of the digital currency.
XRP (XRP) Price Today – XRP / USD
At the time of writing, the value of XRP (XRP) is $0.307 after a decrease of about 5 percent over the past day. The current market of the digital currency is $12.38 billion and its trading volume over the past twenty-four hours is $715.23 million.