Ripple Partnerships’ Expanding With PDX Token – Will XRP Hit $0.50 in Short Term?

According to the XRP news on Today’s Gazette, PDX Coin, an energy-backed cryptocurrency is making plans to use Ripple’s xCurrent and xRapid which would require the use of XRP. The PDX token is a digital currency backed by petroleum. It is also legally backed cryptocurrency. While the coin was developed on the Ethereum blockchain, it may start using Ripple’s xCurrent and xRapid because of their speed and efficiency as a universal interbank tool. The xCurrent protocol allows banks to communicate with each other swiftly during international transfers while the xRapid protocol makes it easy for financial institutions to transfer fiat to cryptocurrencies. In this case, it would make it easy to transfer fiat to PDX.

The PDX token allows users to use transparent digital currency support for natural gas and certified crude oil reserves that are in the ground without any central authority. While the team behind the token hasn’t officially said that they would be using Ripple, they have acknowledged the efficiency of both the xRapid and xCurrent protocols by Ripple. Almost every top institution that has an interest in cross-border remittance knows about the importance of Ripple’s technology. 

XRP Price Prediction 2019

Eventually, XRP has what it takes to move above its all-time high of $3.83 when a parabolic bull run starts.

XRP (XRP) Price Today – XRP / USD

NamePrice24H %
ripple
XRP(XRP)
$0.244
-0.39%

The xCurrent protocol doesn’t use the XRP token apart from when there is a need to pay a fee. So, extra adoption of xCurrent doesn’t necessarily translate to extra adoption of XRP. The xRapid protocol, on the other hand, requires the XRP token as liquidity. So, an increase in the adoption of xRapid will lead to an increase in the use of XRP. This, in turn, will lead to a surge in price. So, the more institutions adopt xRapid, the more awareness it would create for XRP and the higher the price will be.

Ripple XRP News Today – XRP Is The Major Crypto To Watch In June

ripple trading exchange

Ripple may be facing a lot of opposition from the cryptocurrency industry but there is no disputing the fact that it has attracted the attention of many institutions. The XRP token recently received a boost that drove the price as high as $0.46 during altcoin season. This came as a relief to every digital asset investor on the XRP rich list. This is because the price of XRP spent weeks underperforming Bitcoin, Ethereum and other cryptocurrencies even when the XRP price prediction 2019 was bullish.

In our previous XRP news, we noted that XRP is gaining more adoption on a daily basis and it would soon become as popular as the flagship cryptocurrency, Bitcoin. We also talked about how XRP would benefit from the $600 billion remittance sector.

The month of May has been an eventful one for the XRP cryptocurrency. XRP is among digital currencies that are viewed to be the next big thing based on the solutions it offers to the banking sector.

Despite experiencing a correction in May, XRP is expected to soar in June. With the recent correction, XRP’s value did not drop below the major bullish support level of $0.4 price mark which is viewed as a significant zone for the asset’s growth. According to the latest XRP price analysis on zycrypto; he cryptocurrency is expected to embark on a bullish run in the early days of June with $0.5 in sight.

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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