September has been a rough month for the cryptocurrency market, with most altcoins making double-digit plummets to the ground. The altcoin market crash saw Ethereum’s value drop down to $173 USD. The crash was attributed to a technical market correction and cost the altcoin market dearly. But since then, all altcoins, with Ethereum and Ripple in dominance have started to show signs of recovery.   

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Ripple’s XRP Price is on Parabolic Run: Overtakes Ethereum

After almost a year-long downslope, Ripple’s XRP is finally starting to make some gains. In the last twenty-four hours, XRP has made double-digit gains that is going to go a long way to restore the value of XRP. On Tuesday alone, XRP has made a 21.09% gain. Making its current value $0.33 USD

The value of XRP, prior to the gains that the altcoin made on Tuesday was, $0.27. Ripple’s XRP has seen massive gains after almost a year’s worth of stagnation. The value of XRP has almost been on a constant decline since the beginning of the year.

Possible Reasons

After almost a year, XRP is starting to see gains and this could be because of one of two reasons. Ripple has unofficially announced that they could be launching XRapid solutions full-time by the end of this month or mid next month.

XRapid is a product that Ripple is launching that will decrease the time taken for international remittances, make them seamless and facilitate faster rates of liquidation. The company has been testing XRapid for a while now. Ripple did a semi-launch test in the first quarter of 2018 and the results were reportedly good.  

The initial test of the XRapid Solutions showed a 40 to 70% cut down on costs and is projected to be the best FinTech addition this year. The test was focussed on transactions between the USA and Mexico. In the event that these solutions are scalable to the financial industry’s requirements, the altcoin is set to see large gains in the upcoming future.

The second possible reason for the sudden rise in XRP’s value could be the news of an integration between Ripple and Coinbase. This news, however, has neither been confirmed by Ripple nor Coinbase. And these rumors started making the rounds at the beginning of 2018. But has been kicked up again in the community and could be a possible reason for XRP’s spike in value.

Either way, the spike that XRP has seen in the last one day has made a huge difference to the altcoin. And in the event that this rate of growth is sustained by the altcoin, XRP will more than make for its year-long slump.

Must Read: Ripple (XRP) 101 – what you need to know before investing

Ramaa Mohan