According to a blog post on the official Ripple website dated September 19, 2018, PNC Bank, a top ten bank in the United States has joined RippleNet, and will now be able to give its customers access to Ripple’s services including sending and receiving instantaneous cross-border payments. XRP has a total market capitalization of $22.47 billion and $2.51 billion worth of XRP was traded on exchanges in the last day.
But, what were the reasons behind the XRP’s bullish behavior? Only Bitcoin and Ethereum were considered. The pair XLM/USD is changing hands at $0.2700 with 13.77% upward movement for the last 24-hours. So basicly this mean, The Ripple price predictions ought to go the positive way.
Sagar Sarbhai, Ripple’s head of regulatory relations in the Asia Pacific and Middle East, told CNBC that Ripple XRP is making progress in launching its product xRapid. Major banks such as UBS and Santander have already adopted Ripple to help in its cross border transactions. However, many cryptocurrency enthusiasts who follow the fortunes of the currency took to Reddit to clarify their belief that Western Union is structured in such a way as not to be in a position to benefit from xRapid. So it allows, for example, a bank that’s trying to send money to Mexico to use XRP as the intermediate currency.
Ripple has developed xRapid as a protocol for cross border fiat transfers. How exactly does it work? The process will require a pre-funded local currency account for this to take place. So far, xRapid has not bagged many major partnerships from mainstream financial institutions, in contrast to RippleNet, Ripple Labs’ XRP-negated blockchain project for enterprises, that has a top-ten USA bank lined up for integration.
Reports from Smartereum suggested that one of the executives at Ripple said that its x-Rapid product might go live by the end of this month. This is a sign that XRP will become next bitcoin in time to come and unlike bitcoin, XRP is very low cost and that is why anyone can buy XRP, even a taxi driver can buy it. XRP has one of the best blockchain technology which provides you with fast transactions and nearly zero cost. However, Ripple then answered that the sample was quite small to see a difference.
Other financial institutions that have recently made a decision to use Ripple’s products by joining RippleNet include Saudi Arabia’s National Commercial Bank (NCB). Put simply, xCurrent doesn’t use XRP but xRapid does.
At the time of the writing of this article, no clear reason for the spike of XRP’s price was available, although the altcoin leveled up at $0.49 and is now at $0.44.
In 2019 Ripple may open the market with $ 0.78 rate and may extend $1.10 until the first half of the year. He also added that “What we’re now seeing is more and more regulators, policymakers taking the whole space in one conjunction”.