Ripple is a global financial settlement enabling the world to exchange value like it already exchanges information – giving rise to an Internet of Value (IoV). Banks around the world are partnering with Ripple to improve their cross-border payment offerings, and to join the growing, global network of financial institutions and market makers laying the foundation for the Internet of Value. It lowers the total cost of settlement by enabling banks to transact directly, instantly and with certainty of settlement.
Ripple has experienced a sudden shock climb of over 100%, making it the latest altcoin to undergo a seismic shift in price.
According to data from CoinMarketCap, the Ripple token, which represents the eponymous semi-decentralized payments network, doubled in value within 24 hours Friday.
The spike’s origins are unknown but come amid news the third-largest bank in the world. Additionally, the Bank of Tokyo-Mitsubishi UFJ has joined its Global Payments Steering Group.
The Group, which includes major names such as Bank of America Merrill Lynch, Santander and Standard Chartered, is collaborating on overseeing best practices in implementing Ripple’s network on a global scale.
It is the second time the asset has witnessed instantaneous uptick, a similar event occurring in 2015. Within the top ten altcoins, meanwhile, such phenomena appear increasingly common.
Dash, which for the vast majority of its three-year lifespan traded at around $2 per coin, has shot up to hover at around $100 over the past few months.
The currency is now third in the world in terms of market cap, passing Ripple as enthusiasm fails to wane.
Even Ethereum, the consistent leader of the altcoin pack, continues to reach new highs as a potential domino effect becomes more and more apparent.