Ripple: Capitalization increased two times, the causes
The position of the leaders of the cryptocurrency market for a long time remained stable, but now things are changing. Although Bitcoin is still the leader by a wide margin, cryptocurrency, located on the second and third place, may soon be permanently swapped.
Just a week Ripple (XRP) added $ 11 billion capitalization, and even pushed Ethereum with the second line of the rating, albeit briefly.
Now the position was as follows: Bitcoin (capitalization of $115 billion), followed by Ethereum ($23 billion), and Ripple ($22 billion). The gap from Ethereum Ripple reduced to $1 billion, while another 17 of September between them was a “gap” of more than $10 billion.
Unlike previous rallies XRP, a sharp increase in prices was not caused by a specific series of events. However, the good news from Ripple has accumulated enough although the price of the coins and felt the pressure, completely ignoring positive news hooks. Since the end of June XRP fell by 46%, while Bitcoin over the same period has decreased only on 9%.
Soon expected to launch the product from Ripple xRapid, which allows for the calculation of the cost of using XRP as a currency-of the bridge. Due to technical peculiarities of this method of money transfer is much faster, safer and cheaper classic.
If the project is successfully launched, such as the SWIFT system over time will lose its relevance and may even cease to exist, because instead of a few days of waiting, with technologies from Ripple clients will be able to send and receive money worldwide in minutes. About 19 financial institutions tested xRapid, including Banco Santander, Mercury FX, MoneyGram, Western Union, Viamericas and Cambridge Global Payments.
In the beginning of the year Ripple has entered into multiple partnerships with major banks and financial institutions. RippleNet network already has over 100 companies that use blockchain technology project from San Francisco in order to improve the speed of international transactions and reduce their cost.
September 20, PNC financial Corporation announced the start of use of the system xCurrent for the reception of cross-border transactions. Also Ripple has announced that it has created a new financial corridors for 40 countries.
It seems that the long-awaited era of the blockchain in the financial industry. However, a sharp increase in Ripple 200% in the last week, with a $0,2728 to $0,7989 is some “upfront” from the market, demonstrating the classic rule of “buy on rumor”. The nearest strong support level for XPR/USD is at $0,4278, to this level the price may move in the next couple of weeks.
“International financial center”