XRP surges past $0.32 mark in Monday morning

XRP surges past $0.32 mark in Monday morning

The third-largest digital currency, XRP, has seen solid gains over the past 24 hours, which has helped it establish a stable position above the $0.32 mark.

The digital currency enjoyed some positive price action over the weekend, especially on Sunday, when the coin managed to recapture the $0.32 mark. XRP rose to as high as $0.322 yesterday and eventually finished the session at $0.319.

The coin saw further gains in today’s morning session and even managed to briefly top the $0.33 mark. The token surged sharply to a two-week high of $0.331 in late morning trading, but has since pulled back to sub-$0.33 levels. At the time of writing, the XRP price was hovering around the $0.325 level, according to data from digital currency tracker Coinmarketcap.

XRP’s price increase follows some positive news for the token. During a quarterly earnings call last Friday, the chief executive of MoneyGram, Alex Holmes, revealed that the company had started using xRapid, an XRP-powered cross-border payment solution by XRP developer Ripple. This is part of a strategic partnership between the two companies, which see Ripple investing up to $50 million in the money transfer giant.

In its second quarter market update, which was released last month, Ripple said that it had seen 170% quarter-on-quarter growth in xRapid transactions and a 30% increase in the number of live xRapid partners. The blockchain start-up also revealed that it had sold $251.5 million worth of XRP during the second quarter of this year. Interestingly, the company saw a big increase in direct institutional sales, selling $106.87 million to institutions, compared to $61.93 million in the preceding quarter. The remaining $144.67 XRP were sold programmatically.

In today’s trading, the XRP price stood at $0.327, as of 14:33 BST. The digital currency has gained 2.5% in the past 24 hours and its total market cap currently stands at just over $14 billion.

Featured image: Prov910 /Shutterstock.com

 

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