Ripple extends rally with 2% profit

Ripple rose over 2%, or $0.01 on Tuesday after marking the best performance since September 21 earlier this week, as liquidity moved from collapsing cryptocurrencies such as Tether to major, safer ones such as Ripple. 

As of 07:01 GMT, Ripple rose 2.56% to $0.47230, with an intraday high at $0.48815, and a low at $0.4574, with Ripple's market value now amounting to $44.6 billion. 

Ripple's surge is partly due to new investments flooding into it after the selloff of Tether on Bitfinex and other platforms. 

The selloff was instigated by concerns over the difficulty of linking Tether to the dollar, damaging the virtual currency's appeal and putting its future in jeopardy. 

Ripple is also rebounding from its steepest losses since January 16 last Thursday, under pressure of recent warnings by global financial institutions from the rapid growth in crypto assets. 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system. 

Ripple's official Twitter account recently announced the launch of the MoneyTap app developed in cooperation with  Japanese financial services giant SBI Holdings.

The app used Ripple's blockchain solution xCurrent to allow instant bank-to-bank transfers locally, with initial support from three Japanese banks. 

Ripple CEO Brad Garlinghouse recently announced that three companies, namely MercuryFX, Cuallix and Catalyst Corporate Credit Union, are now using XRP for real cross-border payments for the first time, as a bridge currency.

Ripple was underpinned recently after Japanese financial services company SBI took regulatory approval to operate payment services in cooperation with Ripple.

The company stated: “SBI Ripple Asia is planning to register the electronic settlement and other settlement enterprises in order to properly implement electronic payments and other settlement aspects related to MoneyTap in the future.”

The Path of Ripple 

It's worth mentioning that Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing up to 90% of value on a violent selloff wave that stormed crypto assets this year. 

Ripple then reversed nearly 80% higher in only a few days in September on positive news for the cryptocurrency and its standing between major financial institutions.