This jump in price came shortly after Ripple’s head of regulatory relations for the Middle East and Asia-Pacific, Sagar Sarbhai, hinted that the firm was witnessing significant progress in its xRapid product, which speeds up transactions at banks using XRP.
As a result of the price surge, the overall cryptocurrency market began a small rally that saw the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, gain 3.5% over the last 24 hours.
XRP currently has a $12.6 billion market cap, making it the third largest cryptocurrency in the ALT100, constituting roughly 6.8% of the index.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.