The digital asset started a slow rise to the top at $0.274 on the 17th of Septmber only for it to sprint and edge out Ethereum from the number 2 spot yesterday and according to market capitalization. XRP registered a new peak of $0.769 and an increment of 180% from the $0.274 value. The digital asset is trading at $0.583 as we settle into the weekend.
In a recent tweet, Justin Sun would postulate that the recent surge of XRP in the markets, was due to PNC Bank recognizing Ripple’s protocol. He also added that it was a sign that financial institutions will embrace blockchain. He would go on to state a little known fact that he was once Ripple’s Chief Representative in China a few years back.
Ripple describes its xRapid product as using XRP as "bridge" between currencies, which executives say allows payment providers and banks to process faster cross-border transactions.
Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital pointed to the xRapid news as a positive for the cryptocurrency's price recovery.
"People are definitely buying the news," he said. "This is another case of Ripple showing its dominance in real world relationships with financial companies, and yet another spike in XRP's price because of it."
Despite the partnerships, XRP has a long way to recover to this year's highs above $3.60 in January. It's still down 66 percent from the beginning of the year.
A correction is now seen in ripple nut the bulls are still defending Ripple well.
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