XRP Transactions Witness Insane Spike in Just Under a Week

XRP’s daily transaction has just taken a new leap. The cryptocurrency now has about 1.7 million daily transactions, which has been recorded as an all-time high.

In a report by cryptocurrency data tracker, BitInfoCharts, a little above 50% of all cryptocurrency transactions in the past few days were XRP transactions. Ether (ETH) and Bitcoin (BTC) come in second and third places respectively.

XRP’s transactions haven’t attained such heights since 2017, when the cryptocurrency space was basking in the light of the historic bull run of December 2017.

A week ago (21st of October), XRP was facilitating a little over 730,000 transactions daily, fast-forward to 8 days later and the cryptocurrency giant was grossing 1.6 million transactions in a day which is a rise of more than 100% in the sector of 8 days. XRP has been aspiring for new heights in daily transactions ever since this impressive feat.

What Could Be Stimulating the Surge?
It is still uncertain what is triggering this upswing in daily transactions, but best believe barrages of assumptions will flood the space. An assumption of what could be responsible for this rally might be the upcoming Swell event which is being hosted by Ripple in November. Another assumption could be the new alliance between Ripple and Moneygram which is based on finding new means of utilizing XRP. Whatever the case may be, it is definite that something critical is going on in the background as Ripple is on the brink of achieving 1.7 million transactions daily.

At the time of writing, XRP is trading at $0.300 after a 1.6% gain in the past 24 hours. The weekly high was seen at $0.3153 on the 26th of October while the lowest point was $0.261 which was witnessed on the 23rd of this month.

Ripple Discloses Plans to Join New Group
Ripple has disclosed that it plans on joining the Blockchain Association. Ripple’s membership in this group will create access to regulatory bodies and lobbyists in the sector for the company. The group is a non-profit organization consisting of blockchain proponents and aims to stimulate the adoption of blockchain in the world.

Ripple Enters Coalition With Renowned FinTech Corporation

Ripple has entered an alliance with Finastra, one of the world’s biggest financial technology company, to confer Finastra’s customers with admittance to the RippleNet blockchain system.

Based on an article by FinTech Times on the 16th of October, the alliance between the companies is going to cause more than 200 Ripple clients, including 48 out of the apex 50 banks on the planet, to adopt Finastra’s huge banking operation.

The Alliance With Finastra
Finastra is a London-based company that was established in 2017 from a consolidation between Misys and D+H. This union was praised at the period as the creation of a force in the financial software sector.

Based on the report by FinTech Times, patrons of Finastra and RippleNet’s backers will now have the leeway to conduct cross-border business with end-to-end lucid supervision of costs and speedy delivery duration.

Users will be hosted on Ripple’s cloud solution platform to speed, and will also have the choice of using Ripple’s XRP-powered On-Demand Liquidity solution, which is purported to deliver settlements for multinational transactions in three seconds.

The Senior Vice President of Finastra, Ritesh Singh, in a conference, expressed his opinion saying that the alliance between Finastra and Ripple is a reflection of the corporation’s principle that prospects of finance are clear. He also mentioned that the utilization of blockchain technology will be particularly beneficial to patrons in locations where the required amounts for banking were excessive.

Controversies Surrounding XRP
In August the eight-biggest bank in the US, PNC, was the pioneering corporation to adopt the RippleNet blockchain system for cross-border transactions.

However, as XRP coins continuously wane in value, Ripple’s CEO, Brad Garlinghouse has replied to contentions that have been trailing Ripple in the past. In a conference with Anthony Pompliano, co-founder of Morgan Creek Digital Assets, Brad remarked that the corporation’s openness was what was exposing them to attacks.

Responding to the questions put forward concerning the poor sales of the XRP coins, Brad Garlinghouse reassured that the sales volume of XRP doesn’t relate in any regard to the company’s sales.