Over the past 24 hours, XRP, the popular cryptocurrency, has seen its price surge by up to 43% - a surprising move that came at a time when most other cryptocurrencies have been tanking since the beginning of the year.
On Monday, Sagar Sarbahi, Head of Government and Regulatory Relations, APAC & Middle East at Ripple, hinted in an interview that the company was making significant progress with xRapid - a product that could allow banks to greatly speed up transactions using XRP.
"I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production."
Sagar Sarbahi - Ripple
Following the announcement, a pattern of high value transactions started appearing on the XRP ledger which seemed to confirm the rumours that Ripple is very close to launching xRapid. Many now believe that the irregular transaction patterns could point towards tests over the XRP network, in preparation for the potential launch of xRapid sometime next month.
The high transaction values, coupled with market sentiment following the announcement on Monday could indeed be the reason why XRP reached new highs, having gained nearly 50% in the last 24 hours. The surge was accompanied by a rise in volume over the week from around the $300 million to over $1.5 billion, according to coinmarketcap.com.
While this is great news for many crypto enthusiasts and especially for XRP fans, it remains to be seen if the bullish trend will prevail, given the current market conditions that have seen nearly all cryptocurrency losing around 80% of their value since the beginning of the year.
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