Ripple settles higher after marking best day in month

Ripple titled higher on Wednesday after spiking 18% yesterday, the best performance since August 17, while noting Ripple is still down over 10% so far this month. 

As of 06:24 GMT, Ripple rose 0.69% to $0.32123, with an intraday high at $0.33563, and a low at $0.3110, with Ripple's market value now amounting to $32.1 billion. 

Ripple's head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, said in earlier remarks that the new xRapid product will be ready to go "in the next month or so". 

Sarbhai said over 120 banks are cooperating with Ripple to use that blockchain-based product to facilitate transactions. 

Ripple’s chief marketing strategist Cory Johnson recently stated: “We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Ripple claimed that latest tests showed that financial institutions that used xRapid for US-Mexico transfers saved between 40% and 70% of what they would have paid to foreign exchange brokers, amounting to possibly $21 billion a year. 

The Path of Ripple 

It's worth mentioning that Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing 90% of value on a violent selloff wave that stormed crypto assets this year.