The value of crypto coin XRP tumbled on Tuesday in the wake of an unexpected spike 10 days ago. XRP which is, more often than not, alluded to Ripple, fell by over 18% in less than 24 hours, according to data from CoinMarket.com. At the time of writing, it was exchanging at $0.46.
Last Friday, XRP’s price bounced to $0.69 following reports that Ripple Lab, the organization behind XRP, is set to unveil a new revolutionary product that utilizes XRP.
Ripple is a blockchain-based Fintech firm that connects banks, payment providers and cryptocurrency exchanges via its network to provide a smooth experience to send money across the globe by means of the blockchain technology. The company owns 60 billion of all XRP in circulation. The cryptocurrency is independent of the Ripple network but can be utilized on Ripple’s platforms.
Sagar Sarbahi, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, said a week ago that the firm was making noteworthy progress with its xRapid product, which is designed to help banks accelerate cross-border payments using cryptocurrency XRP.
“I am very 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,” Sarbhai told CNBC a week ago.
Since the spike last week, XRP market capitalization has toppled by over $9 billion. The value of cryptocurrency has tumbled more than 30%. There does not seem, according to what is being said, to be any significant reason behind the negative move.
XRP is one of the cryptocurrencies that experienced historical price surges towards the end of 2017 as well as early this year. However, the coin has plummeted significantly by almost 90% since it reached its all-time high in January.
To this point, Ripple has partnered with some of the world’s major banks like American Express, and PNC, and Santander. Nevertheless, those deals have so far been for the most part centered on a product called xCurrent, which has nothing to do with XRP. It is the upcoming xRapid product that uses XRP to enable financial institutions to facilitate cross-border payments. Companies that have tried the product include MoneyGram and Western Union.