Ripple holds above $0.30 after upgrading xCurrent 4.0

  • by Ahmed Mamdouh
  • May 7, 2019, 15:29 AM
  • 278 Views
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Ripple joined other cryptocurrencies in advancing on Tuesday, attempting to take part in the latest bull run in the crypto market, after announcing an upgrade to its xCurrent 4.0.  

XRP is meanwhile 1.7 percent up at $0.3035 after hitting a high of 0.3071 earlier today, according to its price on Binance exchange.

Ripple price has been showing sideway movements since falling to a low of $0.2850 on April 25, the lowest level since late January.

The price is still unable to breach $0.3100, where a breakout to that level is required to take a step upwards towards $0.3200.

It is important to note that holding above $0.30 is critical for Ripple to keep its positive momentum.

Meanwhile, Ripple has the third largest market capitalization of $12.7 billion and a 24-hour volume of $1.1 billion.

In April, the Bitcoin led a rally in digital currencies after climbing more than 30 percent, yet the Ripple saw a meagre 0.09 percent increase.

David Schwartz, CTO of Ripple, confirmed on Twitter on May 6 that Ripple’s xCurrent 4.0, which enables banks to settle cross-border payments with end-to-end tracking, officially went live and user upgrade was in progress.

Schwartz hinted that the new upgrade would allow users to enjoy a facilitated integration process and access to xRapid support.

This week, Ripple also announced its partnership with Ria Money Transfer, a subsidiary of Euronet, as it seeks faster and cheaper transfer of funds through its payment network RippleNet.

It is worthwhile to mention that Ripple launched xRapid in October last year, and the company has recently confirmed there are 10 companies using it as an international payment system.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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