Ripple Welcomes PNC Bank into RippleNet

Ripple Welcomes PNC Bank into RippleNet

Ripple Welcomes PNC Bank into RippleNet

"We are focused on providing our clients with capabilities that enable making secure digital payments in an instant, whether they are sent across the street or across the world".

While Bitcoin recorded a slight loss of less than 1 percent, Ethereum, Bitcoin Cash, EOS, Stellar, and Litecoin demonstrated losses in the range of 3 to 5 percent, with IOTA recording the steepest decline amongst major cryptocurrencies.

To speculate on the whether XRP can actually succeed in kicking bitcoin off the throne, first we should consider the reasons behind the explosive increase in the XRP price.

Jed tried to dump his XRP quickly and Ripple acted to stop him through a series of lawsuits.

This happened on Friday when Ripple gained more than 70 percent of the market capitalization in a matter of just 24 hours.

Remarkably, since September 18, Ripple's trading volume has skyrocketed from a range of $200 million to $300 million to more $ 4.7 billion, more than 15-fold. It signed an agreement with London-based TransferGo which would see the company make use of Ripple's transfer solutions.

The surge in market capitalisation was driven by reports Ripple's new xRapid product could be ready "in the next month or so". According to NewsBTC analysis Ripple is showing strong bullish trends, as more bulls join Ripple. Speaking of xRapid, Sarbhai stated "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".

It is said that the xRapid has been designed in order to "bridge" between crypto and fiat.

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By using xRapid, the multinational ZIP Remit team is aiming for faster transactions while collaborating with G7 regulators. How exactly does it work?

Justin Sun, Tron (TRX) founder, said in a recent Tweet that financial institutions will adopt blockchain-as proven by the excitement around Ripple's products.

"Payments into emerging markets often require pre-funded local currency accounts around the world". After a week of trading in the low $0.20 range, the currency's market cap briefly exceeded that of Ethereum, while its price jumped up by roughly 74 percent following the announcement of its latest product xRapid.

The company has struck deals with various high-profile financial institutions, including Santander and American Express.

Ripple Labs intends xRapid to compete with the Swift Network, which presently is the most common means by which banks transfer large sums of currency across borders.

The bank also joins the ranks of over 100 other financial institutions that now use Ripple's xCurrent product, an enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking.

As the company continues to expand internationally, they're finding an increasing number of business and industries that will save time and money by using xRapid. Ripple has already partnered with three global exchanges, BItrex in the US, Bitso in Mexico and Coins.Ph in the Philippines that will enable xRapid to move between XRP, US dollars, Mexican pesos and Philippine pesos.

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