Blockchain payments giant Ripple has once again made the headlines after its native token XRP rallied more than 89.94% in the past 24-hours. While it is following in the footsteps of Bitcoin which has been moving over the past month, XRP’s rally could strangely be the result of old news resurfacing again.
In an updated outline of RippleNet published on the San Francisco startup’s website, Ripple has featured big names like Bank of America, Standard Chartered, Santander, MoneyNetint, SBC and Nium as the major financial institutions in its payments network.
“The RippleNet Membership is a network of leading financial institutions that partner together to collectively and democratically govern and evolve RippleNet. These institutions work to standardize global cross border transactions[…]It creates a community, regionally and globally, where members can learn and share insights and best practices as their use of RippleNet grows, and build new commercial relationships with other members.”
Even though this is an old story, details on exactly how the financial giant is leveraging Ripple’s payment products have trickled out at a slow pace. Back in April, Bank of America’s head of global banking, Julie Harris had explained that it was the institution’s strategy to keep with technology with collaborations like this.
“It’s about you as a client and the infrastructure you have and the ability for us to integrate, whether that’s with platforms and capabilities that we built or partnerships that we have with the likes of Ripple or Swift.
These are fintechs that we’re partnering with. They’ve come through all of our rigor of legal and compliance, and we’re able to leverage our banking as a platform to deliver that to you.”
Massive XRP Rally
The resurfacing of this information on a Monday brief from media outlet Ripple seems to have sparked fresh optimism amidst bag holders. The news was also circulating on Twitter.
At the time of writing the token has gone through a minor correction and is trading at $0.64, up 19.6% on the daily. According to crypto commentator Josh Olszewicz, known as CarpeNoctom on Twitter, this rally could just be the result of “BTC profit taking rotating into alts.” Meaning, it is quite common for alts to sometimes rise when Bitcoin consolidates.
“XRP also had a technical breakout,” Olszewicz continues, talking about a formation on XRP’s chart dubbed inverse head-and-shoulders pattern. He went on to add that this is “Prob the most bullish [XRP] looked in years.”