The controversial cryptocurrency XRP has skyrocketed following yesterday’s news of the imminent release of XRP developer Ripple’s cross-border payments platform xRapid.
Following a hugely successful ICO, Ripple has been struggling over the past few years with controversy and legal issues that have delayed its product development. The U.S. Securities and Exchange Commission (SEC) has continuously plagued the company with allegations that its XRP token should be considered a security rather than utility and the online crypto community have questioned the decentralization of the network.
Yesterday, Ripple’s Head of Regulatory Relations in the Middle East and Asai-Pacific, Sagar Sarbhai, spoke on CNBC about how Ripple’s xRapid payments platform may be ready for launch soon.
I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,”
Soon after the news, the price of XRP shot up by around 17 percent and then continued a steady climb to the 20 percent levels it now rests at. The surge also added a 3.5 percent gain to the crypto and token index AltDex 100 Index (ALT100).
XRP is currently trading at $0.33, up from $0.27 in the past 24 hours and with a market cap of $13.2 billion.