While the cryptocurrency market remains silent, the third-largest coin on the board, XRP has soared by a bullish 13.4%, trading at an appreciated price of $0.52, with a market cap of $21.11 billion. At the time of writing, its 24-hour trading volume had taken a flight as well and was recorded at $811.3 million.
At the beginning of the 24-hour chart, the trading price of XRP was as low as $0.462 with a market cap of $18.58 billion. Therefore, it is clearly evident that the market cap of XRP rose to a massive amount of around $2 billion in just a day’s time.
Across the month of October, XRP has had an uplifting journey, from multiple rallies to severe slumps and a sideways market. xRapid, the most prominent product by Ripple which uses XRP as a tool to gain efficiency, was also launched for commercial use in the same month.
In fact, the price-rally is speculated to have occurred due to SendFriend putting xRapid into use today. It is a cross-border remittance service that aims at lowering costs and improving customer experience. It is also believed to be associated strongly with MIT and Harvard Business School.
In the seven-day chart of XRP, the coin started trading at $0.44 with a market cap of $18 billion. However, this was not the bottom for the week. The token slumped more across the week to trade at $0.43 with a market cap of $17.63 billion.
The largest trading volume for the cryptocurrency is flowing in from Bitbank, where the figures are as big as $112.7 million, according to CoinMarketCap.
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