The price of XRP has skyrocketed with 60% in the last 24 hours and now stands at around 60 cents, according to data provided by CoinMarketCap. XRP’s market cap started the week with $11 billion and has finished the week at around $23 billion, doubling in size.
This dramatic increase in the coin’s market cap has made XRP come closer to becoming the world’s second-biggest cryptocurrency and dethrone Ethereum.
The surge is attributed to the positive response it received to a series of news announcements made in recent days.
Earlier this week, Ripple added PNC Bank, one of the biggest banks in the United States in terms of assets, to its enterprise blockchain network RippleNet (global payments network of over 100 institutions). According to the company, RippleNet will allow “PNC’s commercial clients to receive payments from overseas banks in real time.”
The company’s network of banks and financial institutions make use of Ripple’s blockchain technology to make real-time payments including their software solution xRapid to leverage XRP for instant payments.
Regarding xRapid’s full production, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, hinted at the firm will be starting operations “in the next month or so.” He stated the following:
“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.”
“A couple of years ago the narrative was blockchain good, crypto bad. But I think what we’re now seeing is that more and more regulators are taking the whole space in one conjunction [sic]. You cannot have runways built without airplanes… [T]hat narrative is thankfully changing, and policymakers are recognizing there is a strong benefit that digital (crypto) assets bring.”- added Sarbhai.
The Ripple Company currently owns 60% of the total supply of XRP, with 91% of that investment being locked in escrow.
It remains to be seen if this rally will last long enough for XRP to surpass Ethereum and keep its position for a longer period of time.