While the crypto currency market is currently moving sideways again, XRP has broken this trend and has risen by 13%.
24 hours ago, the XRP trading price was USD 0.4639, with a market capitalization of USD 18.6 billion and a trading volume of USD 406 million. At the time of writing, the market capitalization had risen to 20.8 billion US dollars with an increased trading volume of 864 million US dollars. As a result, the XRP price has climbed to 0.5314 USD.
Ripple and XRP experienced an ups and downs in October, from several rallies to heavy declines to a sideways market. The trigger for the strongest rally was the official launch of the xRapid software solution, which uses XRP as the bridge currency to increase efficiency.
The current rally seems to be supported by the Asian market. The largest trading volume currently comes from Bitbank (XRP/JPY). Then Upbit follows on place 2 (XRP/KRW) and on place 4 Bithumb (XRP/KRW). Approximately one third of the XRP trading volume currently comes from the Asian market (Japanese yen and South Korean won).
In addition, it is speculated whether the price rally has taken place due to the fact that SendFriend xRapid has gone live. SendFriend is a cross-border money transfer service that aims to reduce costs and improve the customer experience.
The platform is primarily aimed at people living in the Philippines who want to send money to their family members quickly and cheaply. The project was awarded the MIT Media Lab Translational Innovation Alliance Award because it gives local people who do not have access to banking services the opportunity to move funds across borders.Another reason for the rally could be the announcement at the recent Global Islamic Economic Summit in Abu Dhabi that Ripple will enter the Middle East market through its Dubai office. The process could be completed by the end of the year, and Ripple’s approach to being cheap and flexible will allow him to seamlessly introduce his blockchain into the UAE market.