The coin market has more or less been bearish since the beginning of the year. Ripple (XRP) can arguably be the coin among the top ten that has seen the most losses even though Ethereum has struggled as well. It is surprising therefore that in the past couple of day how Ripple has been seeing gains that are unprecedented in the past many months.
Although the recent rally seems not to have been initiated by any fundamental factors, there are news making rounds that Ripple has entered into a number of partnerships with banks that would employ the Ripple platform for cross-border payments.
One of such banks is PNC which recently announced that it would be using the RippleNet in processing international transactions for its clients. PNC is listed by Bankrate as one of the top ten banks in the United States boasting more than 8 million clients with branches in 19 states.
Ripple announced that the partnership would enable the banks customers to make use of the Ripple xCurrent to receive payments against their invoices instantly, a revolutionary way to manage accounts and capital.
Asheesh Birla, the Ripple senior vice president for product said that the xCurrent is the first step in the adoption of other Ripple products by the banks. An example of these products is the xRapid scheduled for launch in a few months.
Meanwhile, the Ripple XRP surged by 40 percent in just 24 hours. The coin is presently exchanging hands at $0.46 and boasting a capitalization of $18.4 billion.
Another strong gainer is Tezos which recently announced the launch of its mainnet and surprisingly Aurora, the 63 ranked coin which made an impressive 65 percent even though little known coins are sometimes subject to pump and dump due and other manipulative tendencies.
The Ripple bull-run expectedly led to a boost in the daily trade volume as the coin traded $801 million in the past 24 hours.
Marcus Treacher, the Ripple global head of strategic account said that aside the expected new product, Ripple has expanded into many countries, making available swifter and transparent mode of international transfers.
“RippleNet’s newest corridors have a combined potential market that totals over $2 Billion in inflows over the last year: InstaReM and RationalFX opened up new corridors from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka and Bangladesh. Remitr and FlutterWave established a RippleNet corridor to Nigeria from Canada, the first connection on RippleNet in Africa. BeeTech and InstaReM created corridors from Brazil to Spain, Italy, Germany, France and Portugal,” said Treacher.