Twenty-four hours ago, XRP was traded at $ 0.4639, with a market capitalization of $ 18.6 billion and a trading volume of $ 406 million. At the time of writing, the market capitalization increased to $ 21.8 billion, with an increased trading volume of $ 1.2 billion. As a result, XRP’s price increased to $ 0.54, a 17% increase
Ripple and XRP experienced ups and downs during the month of October. From rallies to major slumps to sideway trends. The trigger for the strongest rally was the official launch software solution xRapid, which uses XRP as a bridge currency to increase efficiency.
The current rally seems to be driven by the Asian market. The largest trading volume currently was recorded by Bitbank (XRP / JPY). Followed by Upbit at 2nd place (XRP / KRW) and Bithumb at 4th place (XRP / KRW). Around one third of XRP’s trading volume is currently coming from the Asian market (from the Japanese yen and the South Korean won).
SendFriend Reason for the Bullrun?
In addition, there is speculation whether the price rally has taken place due to the fact that SendFriend has put xRapid into operation. SendFriend is a cross-border remittance service designed to reduce costs and improve the customer experience.
The platform is aimed primarily at people based in the Philippines who want to send money quickly and cheaply to their family members. The project received the MIT Media Lab Translational Innovation Alliance Award for giving local people who do not have access to banking services a way to move funds across borders.
Another reason for the rally may be the announcement at the recent Abu Dhabi Global Islamic Economic Summit that Ripple will enter the Middle East market through his office in Dubai. The process could be completed by the end of the year. Ripple’s approach of being cheap and flexible will make introduction of the blockchain into the UAE market easier.