Yesterday, XRP pulled the market up for the first time, taking over a role that has over the years been associated with bitcoin (BTC). XRP (XRP) surged by over 20% and was followed by most altcoins that gained by an average of 5%. This was after CNBC announced that ripple’s XRapid would be live in about a month. Today, more good news about ripple are out. Ripple has announcend that PNC bank, a top 10 American bank, has joined ripplenet. Here is part of the statement that ripple has released with regards to PNC bank.
“PNC Bank, a top ten bank in the United States, has joined RippleNet. PNC customers will be able to receive real-time cross-border payments.”
PNC joining ripplenet shows that ripple’s journey to going live with XRapid is gaining traction, as more banks join in. PNC joins a growing list of major financial institutions, including Santander and SBI that are already using ripplenet. As such, once XRapid goes live, it is clear that a good number of banks will be using it. The implications of this is that, by the end of the year, a good percentage of banks could be using XRP. That’s because once the first few banks start using it, then the rest will join in, so as to remain competitive in the market.
Banks tend to copy each other. That’s why all of them look the same in their layouts, as well as in the services they offer. In this case, no bank will want to get left out from the competitiveness that ripple brings in the cross border payments market. For instance, according to ripple, PNC bank’s customers will now be in a position to receive payments from the U.K instantly. That’s a huge competitive edge that no bank will want to be left out on. In essence, the moment XRapid goes live, it will be a radical transformation to the cross border payments market.
For XRP investors, this could mark the beginning of the decoupling of XRP from bitcoin (BTC). That’s because once banks start demanding XRP, the XRP in circulation will not be enough, and this could lead to a significant increase in price, based on the huge demand from financial institutions. On top of the potential for massive gains, demand from banks will play a huge role in stabilizing the price of XRP (XRP) as well. That’s because by moving billions by the minute, it will pretty much raise XRP above the pump and dump schemes of the rest of the market.
It’s definitely an interesting time ahead for XRP. Once XRapid goes live, XRP could possibly hit double digits valuations within the next few months. Some analysts even place XRP at a possible valuation of over $100 once XRapid goes live. Whatever the case, it will be an interesting 3 months for XRP as we approach the end of the year that has been heavily bearish for crypto.