Despite being embattled in a year long bear cycle, with the trend extending into deep negative territory over the past several weeks, XRP has posted a double-digit gain in price on the day reversing the otherwise downward trend in valuation.
While most of the cryptomarkets struggle to maintain valuations experienced even earlier in the summer, altcoins in particular have taken a beating throughout the month of September. Bitcoin has managed to find some stability trading around $6500, but the remainder of the market with Ethereum and XRP being two prominent coins in terms of market capitalization, have not faired nearly as well.
On Tuesday XRP, the third largest cryptocurrency with a capitalization of $12.5 billion, posted double digit gains, reaching as high as a 18 percent increase in one point to bring the price of the token back above $0.30. While the coin has been on the losing end of a bearish downturn, with the price of XRP continuing to sink relative to the dollar, today marked a strong reversal in downward price turn.
Since the start of the week, XRP has posted a gain of 21 percent, despite the price of the coin overall being down 10 percent from the beginning of the month. However, XRP investors found some solace in the rising price of the asset on the day, with positive development being driven by Ripple, the parent team behind the cryptocurrency that has since distanced themselves in an effort to promote decentralization. In a report by CNBC first published on Monday, Ripple announced the possibility of XRapid solutions as early as next month, giving XRP a potential boost in both developmental interest as well as adoption.
Ripple, through the use of XRP, has been at the forefront of driving cryptocurrency-based global payments and remittance. With XRapid, the company provides a real-time settlement platform to make international payments a seamless experience, in addition to lessening the burden of liquidity need to cover fast payments. Ripple contends that their XRpaid program will not only speed up the process of sending money around the globe, through the added security of cryptocurrency, but also reduces transaction costs and the load required for liquidity.
Speaking to CNBC, Head of regulatory relations for Asia-Pacific and the Middle East at Ripple Sagar Sarbhai teased the possibility of the platform, or some related development, coming in the month of October,
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
A pilot program of XRapid which occurred in the first quarter of this year testing a payment corridor between the United States and Meixco reported generating 40 – 70 percent in savings on transactions, a substantial boost for banks and other fintech companies looking to increase their cost-effectiveness.
In addition, participants reports substantial improvements in transaction speeds, down from the typical 2-3 days of processing time to just over two minutes–providing further efficacy for the technology and benefit of cryptocurrency in the space of global payments.