Ripple skyrockets 35% to four-month high, bypassing Ethereum

Ripple spiked 35%, or over $0.16 on Friday to May 10 highs, marking a nearly 140% profit in the last few days after surging 20% on Tuesday, and over 10% yesterday, heading for the best weekly performance since last 2017, and the first monthly profit in five months. 

As of 06:29 GMT, Ripple rose 35.83% to $0.6089, with an intraday low at $0.42604, and a four-month high at $0.79132, with Ripple's market value now amounting to $60.1 billion. 

A report earlier this week showed that ten major banks in the US, including PNC Bank, the ninth largest in America, are now using RippleNet for international transactions for their clients, with the company announcing a rapid expansion in 40 countries recently to offer a faster and more transparent method of payments. 

Otherwise, Ripple's head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, said in recent remarks the company has finished many dealings with major financial institution, with many blockchain-products on offer.

One of the most interesting ones are the xRapid product, intended to facilitate cross-border transactions as well using XPR tokes, with an initial launch expected early next year. 

Ripple claimed that latest tests showed that financial institutions that used xRapid for US-Mexico transfers saved between 40% and 70% of what they would have paid to foreign exchange brokers, amounting to possibly $21 billion a year. 

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. 

Now Ripple has recovered a considerable amount of its value in the last few days in the light of the latest news, which in turn boosted sentiment overall in the crypto market.