A financial institution that has an account with Bittrex initiates a payment in USA dollars via xRapid which is instantly converted into XRP on Bittrex. The price in the market hiked to 60% in less than 24 hours.
The Sunday session was a relatively quiet one for Bitcoin, with the coin mostly hovering in the low $6,700 area.
Ripple's website describes xRapid as a product for payment providers and other financial institutions who wish to minimize liquidity costs and also improve their customer experience. Today's price range of XRP has been between $0.4355 and $0.4923.
The CEO said that he expects XRP to become a major player in the world's shift away from traditional money within the next few years. The falls came after BTC had oscillated around support at $6,600 on BitFinex's Dollars markets for much of the day, while in a slowly declining pattern.
A choppy start to the day saw Ripple's XRP slide to an early morning intraday low $0.49211 before recovering, the early slide a continuation from Friday afternoon's profit taking. Also in April, Santander - a Spanish-based bank - released a blockchain payment network powered by Ripple - One Pay FX, becoming the first worldwide bank to do so, according to reports.
The Senior Vice President at Ripple Marcus Treacher said in a statement that "cross-border payments has been opaque, slow, and costly" for too long, a problem that still challenges currency transfers and movement to this day.
According to the WSJ, the "average daily trading volume of XRP on the Ripple consensus ledger... hasn't changed considerably in recent months and not enough to account for the change in his daily sales". It got more evident after the market added $21 Billion within 48 hours. After hitting the $0.55 target over the weekend, XRP is fighting for that same level right now. Investors seeking to trade XRP should first buy Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, Changelly or GDAX.
Is the XRP price rise due to positive news? Furthermore, it should be noted that Ripple still retains more than 50% of all XRPs in a trust account in order to gradually circulate them, which will result in an increased supply. In other words, it helps banks speed up payments by using XRP and makes things easier for their clients. Fast forward 17 hours and XRP had reached a high of nearly 77c per coin. This is especially true considering a bitcoin price of $10,000 could be within reach if institutional investors enter the market, be it through Bakkt or a physical bitcoin ETF by VanEck and SolidX, for example.
CoinMarketCap reported that Ripple's market capitalization grew to a whopping $23.9 billion, whereas Ethereums's market capitalization was $23.6 billion. As always, only the coming weeks and months can tell where the journey is headed for the very volatile cryptocurrency market.