Why is Ripple Booming And Why Should You Care

Ripple, a centralized cryptocurrency used by many financial institutions has peaked at price recently, leaving traders and users perplexed about the reason why its price has doubled in two days despite the negative year that the cryptocurrency market has had, losing more than two-thirds of its value since last December. but as perplexed as some could be, the answers are more simple than what some would think.
Utility and Adoption. In the last days, there has been announcement after announcement of banks that have agreed to use Ripple’s technology (albeit not the currency, more on that later) to settle remittances and international payments. PNC, a big American bank, decided earlier this week that they would exit SWIFT to use ripple for international payment settlement. Also, the National Commercial Bank in Arabia is doing the same thing. SWIFT is a settlement protocol that allows clients to send money internationally, but with considerable fees that can go up to 35 dollars per every transaction made. Ripple can make this process quicker and cheaper by using xCurrent, their settlement protocol that uses its network, but not the Ripple currency.
Also, the Japanese monster financial group SBI announced earlier this week the launch of a Ripple based payment app called Money Tap. with this app, SBI seeks to dethrone foreing payment apps and make a space in the vibrant Japanese Market. This kind of leverage of a big group could also help to move the tide in favor of price.
But maybe the biggest factor that has contributed to this big price bounce is the rumors of the launch of xRapid, their ace in the hole tech for bank and remittance adoption. It is a technology akin to xCurrent, but it has a significant difference: it uses the XRP cryptocurrency to optimize the whole process. This could have created a buzz to trigger this astounding hike in price.
And while the signals are positive, the market remains unpredictable and volatile. It is uncertain that ripple price could remain so high, but it has dragged up all the cryptocurrency market with it. It remains to be seen which way the market will go, but Ripple is enjoying a successful time right now.

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