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Ripple price (XRP/USD) sets all-time high above $0.80 as Japan-South Korea payment trial begins

on Dec 15, 2017
Updated: Oct 11, 2019
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The Ripple price (XRP/USD) has surged to fresh all-time highs amid the launch of a Japan-South Korea cross-border payment pilot.

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The cryptocurrency nearly doubled its price during yesterday’s session, rising from an opening level of $0.470 to an all-time high of $0.892. The price has been hovering around $0.80 since the beginning of today’s session, according to data from cryptocurrency tracker Coinmarketcap.

Ripple has more than tripled its value since Monday, which has allowed it to overtake Bitcoin Cash as the third-largest cryptocurrency on the market. At current price levels XRP has a total market capitalisation of over $30.5 billion, which is more than $1.5 billion higher than the value of the Bitcoin offshoot.

Ripple’s remarkable rally was triggered by a Tuesday report in Nikkei Asian Review, suggesting that banks in Japan and South Korea will begin tests of Ripple’s blockchain technology this Friday. Yesterday, Ripple said in a blog post that the Japan Bank Consortium (JBC) – a group of 61 Japanese banks that are members of Ripple’s enterprise blockchain network, RippleNet – had announced the launch of the pilot, which also involves two of South Korea’s largest banks, Woori Bank and Shinhan Bank.

The pilot will mark the first money transfer between Japan and South Korea over RippleNet. The JBC will use Ripple’s settlement solution, xCurrent to settle transactions between participating Japanese banks and Woori Bank or Shinhan Bank.

“The Japan Bank Consortium’s pilot with Woori Bank and Shinhan Bank brings us closer to sending money in an important corridor,” Ripple’s director of partnerships Emi Yoshikawa, said in the blog post.

In today’s trading the Ripple price stood at $0.75, as of 10:40 GMT. The digital currency has gained 34.3% in the past 24 hours.

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

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