This week, Ripple’s XRP token has been one of the brighter stars in the cryptocurrency market. While many of the others, like BTC and ETH have been going down, XRP has been making gains. Why this sudden interest in XRP?
Basically, a lot of things have been going on behind the scenes at Ripple and it has become apparent Ripple is in very high demand right now, primarily because of dozens of firms signing production contracts with Ripple.
This news was released during the recent Crypto Finance Conference and the platform also indicated that there is more big news to come. Although some crypto purists are sceptical about Ripple, it is fair to say that it is being more widely adopted these days and s doing better than people give it credit for. The list of businesses exploring Ripple technology is longer than you might imagine and, according to Ripple co-founder Chris Larsen, over 100 companies are now exploring new products and services, which is pretty impressive.
There is also a new fiat-to-XRP feature called XRParrot in development. It will primarily focus on converting Euros to XRP in a convenient manner and some of its inner working are already known, such as users need to enter a mobile phone number, use their IBAN to fund their XRP wallet, and confirm the details. It isn’t launched yet, but it seems to be eagerly awaited.
The biggest news item though is the launch of TransferGo’s new remittance service that is powered by Ripple technology and aims to streamline the Europe-India payment gateway. These are two large and important markets with lots of opportunities and it could have a positive effect on XRP’s price.
Together, these news items appear to be behind Ripple’s price performance this week. The question is whether or not it is sustainable in the current market environment, but it is certainly an interesting crypto asset to keep an eye on.