Ripple prices soaring today, jumping nearly three percent as the cryptocurrency market floods green.
XRP rose 2.97 percent to trade at $0.658381 as of 12pm today.
The rest of the cryptocurrency market has posted strong results today, with bitcoin trading for $7,721, Ethereum going for $616.63 and Litecoin trading at $125.80.
A flurry of large endorsements and partnerships for some of the biggest cryptocurrencies has helped the bulls push the market up in recent days.
Is XRP rising?
Ripple has had a number of positive headlines help to push the popularity of the alt-coin up.
Most recently, Ripple has been linked with a deal with the Bank of America, which is the latest world bank to jump into the cryptocurrency market.
The deal will help make the Bank of America more accessible to the average consumer, opening up accounts for Ripple traders who otherwise may not have been able to use one.
Ripple has a number of bank partnerships, including Santander and Master Card, that has pushed the digital token into the public conscious.
Santander partnered with XRP on their xCurrent Software, which is specifically designed for the financial sector to make transaction processes in seconds rather than days.
Alongside that, Currencies Direct has partnered with Ripple in testing their new xRapid software which assists in large-scale international transactions in super-quick times.
Several other financial institutions are testing Ripple’s blockchain technology, and 75 of the world’s biggest banks are already using it for business on a daily basis. The tests have been nothing short of spectacular, like the one done a few weeks ago at the Consensus 2018 conference.
Ripple saves the bank (and the bank’s client) from 40 to 70% in transaction costs and fees but, most importantly, it saves them incredible amounts of time. Every Ripple transaction takes about two minutes to complete (while the traditional way, using the SWIFT system usually takes from two to four days).
Ripple CEO has also predicted that the next few years of cryptocurrencies will see a ‘decoupling’ from the market giant bitcoin, allowing alt-coins to flourish on their own feet.
Ripple CEO Brad Garlinghouse told CNBC’s Powerlunch: “There’s a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies.
”It’s early, over time you’ll see a more rational market and behaviours that reflect that.”
XRP has already turned around a dismal start to 2018, where prices halved in the first quarter of the year.
Ripple will be aiming to reach $1 again within the next few weeks and, with these new partnerships, there should be no reason why it can’t achieve that.