Ripple (XRP) Weekly Update: Floating over $0.613
In the course of recent weeks, the build-up around Ripple (XRP), has decreased and it is nowhere near what it was in the long stretch of January, this year. Ripple soared high on January 07 at a price of 3.38 USD. So far it hasn’t been able to reach that level again but remains steady in the range of 0.553 USD to 0.635 USD without much trouble.
A review of Ripple (XRP) over the week shows XRP at a price of 0.629 USD on May 23. After which it goes downhill and currently stands at a price of 0.613 USD. Ripple (XRP) has dropped by 0.016 USD over the week. It is still unsure whether XRP will go upwards or downwards in the coming days.
However, there has been an increase of 9.41% in the last 24 hours and XRP faces resistance at the 0.613 USD mark. As of now, it stands on the 3rd rank with a market cap of 24 billion USD.
In other news,
Foreign Exchange (FX) payment provider, Currencies Direct, has declared the results of their pilot with xRapid. At present, they undertake transactions up to 5.9 billion USD. Ripple’s official blog announced the launch of the pilot.
The xRapid stage on RippleNet takes into account quick settlement of cross-border payments without the requirement for prior liquidity in the form of vostro or nostro accounts. The required liquidity is given by the XRP token. XRP ledger converts the sending and receiving currencies are converted into XRP just in a couple of seconds. As opposed to the 2-3 days of current cross-border transactions, XRP ledger does the same in a few minutes
CPO at Currencies Direct, Brian Harris couldn’t stop admiring the product. He said:
“Our trial with XRP was a resounding success. We’re currently assessing our next steps, but the evidence we’ve gathered indicates that the use of XRP is a game changer, making payments near-immediate and significantly improving service to our customers.”
SVP of Product at Ripple Asheesh Birla said:
“xRapid offers an enhanced payments experience, while also allowing payment providers to gain a competitive advantage in the market.”