The Ripple price rallied by 20 percent on Friday following the announcement that Santander had tapped Ripple technology for its new blockchain-based payment app.
Ripple Price Posts 20 Percent Rally
The cryptocurrency markets made a unified advance for the second consecutive day on Friday, with most coins posting single-day gains in excess of 10 percent.
Among large-cap coins, none achieved a better return than Ripple’s XRP token, which soared by 20 percent to $0.64 after trading as low as $0.51 on Thursday. Ripple now has a $25.1 billion market cap, which is the largest it has been since mid-March.
The rally correlated with heavy trading volume in Asia. Four of XRP’s 10 highest-volume trading pairs were against the South Korean won, accounting for more than 47 percent of all XRP’s $1.4 billion in 24-hour trading volume.
Santander Launches Ripple-Based Payment App — But It Doesn’t Use XRP
It’s difficult to ascertain the precise reason for Ripple’s market-leading performance on Friday, but it’s possible that it stems from the announcement that Spanish banking giant Banco Santander has launched One Pay FX, an international payments app that utilizes Ripple’s enterprise blockchain technology.