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This week’s big market movement has been largely focused on
Bitcoin which served as the catalyst once again. The second two largest crypto
assets, Ethereum and XRP did not get such a boost and started to fall back
quickly. That is until an hour or so ago when XRP finally woke up and started
to surge.
During today’s Asian trading session the Ripple token surged from $0.330 to just over $0.337, its highest level for three months. The move has lifted XRP higher than Tuesday’s rally which saw huge gains for Bitcoin Cash and Litecoin. Daily volume is picking up again and is just over $2 billion.
XRP is closing the gap to Ethereum in second but at the time
of writing it still remains at just under $2 billion in market cap. The Ripple
token has reached $15.3 billion whereas ETH is still over $17 billion. It has
not enjoyed the same gains that other altcoins have this year having made only
5% since the beginning of January.
The momentum may have been driven by yesterday’s announcement
that UK based RationalFX, a money transfer company with over 180,000 registered
clients, has partnered with Ripple for international payments
The firm originally joined RippleNet in April last year along
with FairFX, Exchange4Free, UniPAY and MoneyMatch according to the company
blog. Most Ripple’s partners will start off with the xCurrent system before
switching to xRapid which uses the native XRP token for cross border
transactions.
Despite Ripple being a contentious subject for crypto enthusiasts
many are confident that XRP will be one of the top performing tokens in 2019. A
current Weiss
survey on twitter reveals that 54% of 5,400 people polled believe that XRP
will be a market leader.
Weiss also recently
rated XRP as a ‘grade A’ crypto alongside EOS and Bitcoin in its latest
annual report. At the time the token did not react, it has been late coming to
the party but is finally making moves today.
Google’s
Gmail integration of XRP for users to send instant tips to each other has
undoubtedly driven some momentum. The platform uses a Chrome plugin called MoneyMessage
and XRPTipBot which is already in operation on Reddit, Twitter, and Discord.
Recent
reports also indicate that Ripple is viewed as being more stable and
attractive to governments and financial institutions.
This may not be great news for those that advocate totally
decentralized cryptocurrencies but it is for Ripple and XRP investors who are
having a field day today.
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