Ripple (XRP) is ranked as the third largest currency, and for quite some time now, which may, in the end, indicate that XRP deserves its spot among the top five currencies. Ripple is best known for its goal to enable fast and low-cost remittance payments across the globe by establishing strong partnerships with banks and financial institutions across the globe.
That is how Ripple foundation has included over 120 different banking institutions including the most recently acquired partnership with the Commercial Bank of Saudi Arabia, which might be one of the potential reasons behind the price surge of XRP in the last few days.
Besides from announcing their partnership with the Commercial bank of Saudi Arabia, Ripple foundation most recently announced that they are offering xRapid to financial institutions and banks, which might have also affected the surge of XRP as xRapid is the only solution out of three offered by the foundation that actually uses XRP.
The XRP Price Surge: Was the Commercial Bank Partnership the Trigger?
Ripple foundation has announced on September 13th that the Commercial Bank of Saudi Arabia will become a part of Ripple Net, which is now getting bigger with being present in over 40 countries and 6 continents, having over 120 banks and financial institutions already utilizing either xCurrent or xVia as a part of the network.
With one of the most recent partnerships as announced during the last week, Ripple should get access to over 5 million users of the bank, that way providing swift and low-cost remittance payment. Saudi Arabia is noting increased migration worker population which calls for alternative global payment solutions that won’t take for days and large fees in order for the global payments to be processed.
At the same time, it is considered that one of the triggers behind the latest rebound was precisely related to the announced partnership, which might as well makes some sense after all.
On September 12th, only a single day before the announcement regarding the partnership, XRP was seen in a rather sluggish trend, trading around the price of 0.25$ and 0.24$, however, the next day with the announcement, probably driven by the Commercial bank partnership, Ripple went up to the price of 0.27$.
Ripple’s XRP and the Announcement of xRapid Implementation into Financial Systems
Several days later, XRP was seen skyrocketing only several days after the announcement regarding xRapid being suppressed to the test by three different financial institutions already using other Ripple’s products like xCurrent and xVia, which seems to be the needed push for XRP in the market.
On September 18th, XRP was seen surging against the fiat by around 20% in the course of only 24 hours, which eventually brought XRP to the price of 0.32$ per one Ripple unit, clearly showing a bullish run.
As the news broke out two days ago that Ripple will be pushing XRP adoption to financial systems with xRapid which is currently being tested by SBI and Mercuryfx, Ripple showed an immense progress in combination with benevolent market trends, so it may also be the fact that the combination of good news and the positive market trends triggered the surging by 20% as seen on September 18th.
Moreover, the team announced that xRapid product that is currently being offered is supposed to go live in the somewhere in October or at the beginning of November, when another surge is probably expected for XRP, in the market as well as in the press.
As the product is being pushed for adoption outside the blockchain space, the team stresses out that the governments are finally starting to see some benefits in cryptocurrencies so regulators allow for this type of implementation.
After the external tests are completed with xRapid implementation, the product should go live.
Since Ripple was struggling to go above the price of 0.30$ even with the Commercial Bank partnership announcement that came out nearly a week ago, later on rising above 0.30$ and currently being traded at 0.32$, it can be the case that the announcement regarding xRapid implementation and XRP adoption is the driving force behind the latest surge.
Even though the majority of currencies are slowly starting to plummet once again on September 19th, XRP is up by 1.50%, having the best weekly score of 21% among the top ten digital assets.