This article was written by NEWSREP guest author, Dustin Ivers.
Ripple’s XRP made huge gains overnight reaching 26.8 Billion on Friday. Cryptocurrency investors are “buying in” on the news of a product anticipated to be released in the coming months that utilizes XRP to lower liquidity cost of payments cross-borders.
XRP’s boom is a fine example of perception becoming reality. The world of investments is notorious for succumbing to massive gains and losses from mere rumors or a figurehead stating an assumption in the form of a prediction. The baffling trend that emerges over and over is that when someone with any level of perceived credibility talks, investors react in the form of buying or selling – quickly manifesting whatever was said to become true.
This latest gain of 185 percent in XRP value owes its boost to the Head of Regulatory Relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarbhai. Sarbhai told CNBC that Ripple was making progress with a new product, xRapid, which is designed to aid banks in reducing costs and speeding up transactions by using solely XRP cryptocurrency. “I am 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.”