XRP, the cryptocurrency created by the San Francisco-based technology company Ripple, has had a breakout day on the charts. The cryptocurrency, which was designed as a quick and cost-effective means of settling payments initialed by traditional financial institutions, jumped by 75% over the last 24 hours.
XRP, which is ranked number three behind bitcoin and ethereum in terms of market cap, started the day trading a $.44 before briefly jumping to .$.76. At the time of this writing, the price of XRP has settled at around the $.56 range.
During the XRP price surge peak, the cryptocurrency’s price moved briefly into the number two market cap position, before settling back to the number three spot as the XRP price began trading closer to the $.50 range.
The last time XRP was trading above $.50 was in June of this year.
What’s up with the XRP price surge?
Market watchers are speculating that the XRP price surge was fueled by news of a new product called xRapid.
“Developers of xRapid say the technology could help banks to significantly speed up transactions using XRP. Rumors that the product was close to launch appeared confirmed by a pattern of high-value transactions involving ripple,” according to this story in the Independent.
This piece in MarketWatch, based on outside analysts reports elaborates, “Ripple’s CEO hints about the launch of a new product based on xRapid’s XRP coin as early as next month; access to the biggest Asian cash remittance market including India, Sri-Lanka, Malaysia, Indonesia and Vietnam, and fintech start-up also begins working in Africa.”
XRP and Abra activity
Abra also had a breakout day in part to the intense trading activity caused by XRP’s positive price run.
XRP is a popular crypto on Abra (it’s also featured in our Ultimate Altcoin Guide), and since XRP set trading volume records today, there was also record-setting interest and trading volume on the Abra app.
Nearly all of the top 100 cryptocurrencies also recorded positive gains today.
Abra is designed from the ground up to make cryptocurrency investing simple and straightforward. Based on a synthetic currency model that allows users to instantly move between any of the 28 cryptocurrencies or 50 fiat currencies, investors around the world use Abra to make trades easily between a number of different assets.
Abra can be funded by bank and wire transfers, credit and debit cards, or from a bitcoin, litecoin, or bitcoin cash wallet. Funds can also be withdrawn using the same methods.
The Abra team is working to bring more cryptocurrencies and crypto assets to the platform.
Please note: Abra does not endorse currencies traded on the platform. This post is for informational purposes only and should not be considered financial or investment advice.