Ripple’s XRP unit is a digital form of currency that does not require a third party during the transfer of funds.
Just like other cryptocurrencies, Ripple has seen a sudden spike in the past 24 hours. At present, the prices have jumped by 21% percent in total, trading at $0.67. The market capital is now at $26.68 billion.
After Santander launched its first Ripple-based app for cross-border foreign exchange, Ripple saw a 20 percent hike in its price. However, the app uses blockchain technology and not XRP.
According to CNN:
“The simplest explanation is that naive investors confuse Ripple — the company — and XRP and thus mistakenly believe that all Ripple news is bullish for XRP.”
This is good news for the investors who have seen a few rough weeks.
Matthew Newton, an analyst at eToro, said:
“Whilst there has been some stability in the cryptocurrency markets over recent weeks, we’ve seen a record number of short positions building on major exchanges. When the price began to rise this afternoon, a large number of shorts with big positions were squeezed. The resulting interest from buyers increased momentum, causing the price to jump.”
The sudden changes in prices came after Cory Johnson’s statement to CNBC where he says that Ripple is not a security. He said:
“We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law,”
Sandy Beverly, a Twitter user said:
“Ripple is considered the coin that the banks are most interested in using for transactions. That is another reason many experts feel it will rise in value. After researching Ripple with Altcoin Buzz and various other “experts” – they sill see the coin breaking big.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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