Following the shocking slump earlier this week, the cryptocurrency market is beginning to enjoy a slight recovery. Bitcoin (BTC) is up almost 1 percent today at $6,246 and Litecoin (LTC) up 2.5 percent, trading at $53.
The biggest winner, however, is cross-border payments coin Ripple (XRP), which saw a 6 percent surge from $0.37 to $0.43 over the past 24 hours.
Ripple has been having a good run over the past few weeks on the announcement of the release of its xRapid product. The new development enables banks and financial institutions to achieve fast and affordable cross-border payments, which many believed may replace the current SWIFT method.
Analysts report that XRP’s relative strength index (RSI) is in an ascending channel and could go as high as $1 if this pattern maintains. News regarding xRapid has been very positive lately and investor confidence is high so it’s quite likely this scenario may pan out. Speculative talk of Ripple decoupling from Bitcoin, whose price movements it’s been largely mirroring this year, also seems to be coming to light now with this recent surge.
Spanish banking giant Santander, one of Ripple’s main partners, recently launched a new cross-border payment system in four countries using SWIFT’s Global Payments Innovation (GPI) technology. Santander currently uses Ripple’s xCurrent product for payments on its OnePay FX app but whether this new launch will affect its adoption of Ripple’s xRapid technology is uncertain at this point. Rumors suggest the possibility of an upcoming partnership between SWIFT and Ripple which may be announced at the SIBOS 2018 Conference in Australia later this month.
The rest of the cryptocurrency market is not enjoying quite as impressive a recovery, with Monero (XMR), Cardano (ADA), EOS and Ethereum also still floundering in the red with minor 1 to 2 percent losses.