Ripple price (XRP/USD) mirrors market-wide jump despite volatile trading

Ripple CEO believes ‘dozens’ of financial institutions will use xRapid product

Ripple price (XRP/USD) mirrors market-wide jump despite volatile trading

The Ripple price (XRP/USD) has seen solid gains amid what appears to be a market-wide rebound.

The third-largest cryptocurrency on the market saw some rocky trading during yesterday’s morning session, with its price swinging between gains and losses. The situation remained largely the same in the afternoon, but the coin experienced a sharp increase, which propelled its price to an intraday high of $0.683. After that, the cryptocurrency continued to wobble around, but it remained above the opening level of $0.661. According to data from cryptocurrency tracker Coinmarketcap, Ripple finished the session at $0.677.

Ripple’s Tuesday surge mirrors a pattern observed across the wider cryptocurrency market. Most major digital coins, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Cardano (ADA), experienced similar spikes in the afternoon part of the session.

Meanwhile, Brad Garlinghouse, the chief executive officer of Ripple, the company behind the cryptocurrency, told CNBC yesterday that he expected many more financial institutions to be using the company’s XRP payments solution xRapid next year.

Ripple has three main products that it offers to clients, but only xRapid requires the use of the token. The product has so far gained little traction among banks and payment providers, with some companies such as Western Union and Moneygram having begun testing the solution. However, Garlinghouse believes that this will soon change.

"I've publicly stated that by the end of this year I have every confidence that major banks will use XRapid as a liquidity tool," Garlinghouse told CNBC in an interview at the Money 20/20 Europe fintech conference in Amsterdam. “You know, by the end of next year, I would certainly hope that we would see you know in the order of... dozens.”

In today’s trading, the Ripple price stood at $0.671, as of 13:27 BST. The digital coin has gained 1.5% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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