Bitcoin price (BTC/USD) drops below $6,700 amid broader crypto correction

Saudi Arabia’s National Commercial Bank Imitates Central Bank Joins RippleNet

While XRP scored around 20% in a single day several days ago with the announcement regarding the efforts of the foundation to increase the adoption of XRP through offering xRapid to financial institutions and banks, which seems to be already working in the favor of XRP in the market.

After reaching an increase of 20% against the fiat in the course of 24 hours, XRP once again showed an fantastic progress in the market, possibly making one of the top gaining currencies in the market that is now bouncing back up with new gains.

"Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organisations and individuals".

However, as tantalizing as this is, Ripple hasn't disclosed which banks or financial institutions have been testing xRapid.

Ripple makes it possible for banks and multinational corporations to use XRP to make worldwide transactions and this is made possible by transferring the XRP token through the Ripple network whiles, on the other hand, Stellar gives individuals the freedom to trade money directly amongst each other, also using Lumens (XLM) as a medium. According to a WSJ report, Jed McCaleb, one of Ripple's co founders has been selling between 20,000 and 40,000 XRP per day earlier this year. Will it encourage more people to buy Ripple? In contrast, xRapid solves the liquidity problem apparent in cross-border payments by using XRP tokens to settle fiat transactions. Ripple owned about 60 billion XRP, with the majority of it held in escrow, as of July, according to information listed on the company's website.

Ripple has revealed that it has signed its first major USA bank to its network.

More news: Indian court upholds legality of world's largest biometric database

XRP's price is boasting double-digit percentage growth today for the this week as the broader market picks up the bid.

"For far too long, the technology underlying cross-border payments has been opaque, slow and costly". He said: "In 2016, we piloted 12 banks".

At the time of press, XRP has jumped by 9% and is trading at $0.522. One XRP coin can now be purchased for about $0.39 or 0.00006037 BTC on exchanges including Independent Reserve, BTC Trade UA, Braziliex and Coinsuper.

BCH gained roughly 12% in the last 24 hours bouncing from approximately $430 to now be trading for $483. As just described, this scenario is unrealistic considering the bitcoin price will continue to rise and new bitcoins will come into circulation.

Another mind-boggling game: If you hypothesize that bitcoin (pure speculation) will have reached $10,000 at exactly 18 million mined BTC, then Bitcoin would have a market capitalization of $180 billion.

Cryptocurrency market a sea of red. As always, only the coming weeks and months can tell where the journey is headed for the very volatile cryptocurrency market.

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