Home Cryptocurrency Ripple gave a new impetus to the cryptocurrency market

Ripple gave a new impetus to the cryptocurrency market

Ripple

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The cryptocurrencies rose on Friday amid the optimism surrounding plans by Ripple Labs to use spreads of digital currencies. This also affected the performance of other digital currencies, which total market valuation lost 600 billion USD since the beginning of the year.

The XRP, known as Ripple, rose by up to 22%, bringing their week-on-week rise to 75%. At the same time, the Bloomberg Galaxy Crypto Index reported a 8.7% jump, pointing to its biggest one-day rise since mid-July.

Ripple Labs may launch a service that will use the digital currency “next month or later”.

The service, called xRapid, allows financial companies to accelerate money transfers to emerging markets using the independent digital asset XRP. In the words of a spokeswoman for Ripple, there is still no formal timeframe for the mass roll-out of the service.

The virtual currencies continue to have difficulty in obtaining institutional support because, as the banks and paying companies are experimenting with a blockade have not yet used digital money for larger money transfers.

Although the strong growth of Ripple this week, more than Bitcoin and Ether, it is still down by 60% from its peak in 2018.