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XRP surges 13.4%; xRapid speculated to be knight in shining armor

Priyamvada Singh

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XRP surges 12%; xRapid speculated to be knight in shining armor
Source: Pixabay

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.

XRPUSD price hike in 1-hour candlesticks | Source: tradingview

XRPUSD price hike in 1-hour candlesticks | Source: tradingview

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.

XRP 7d price chart | Source: coinmarketcap

XRP seven-day price chart | Source: coinmarketcap

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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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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