This is speculated to be due to the extensive adoption of xRapid by the Japanese financial institution SBI Group and the cross-border remittance service, SendFriend. xRapid is a product by the leading blockchain remittance firm and XRP’s parent company, Ripple, who built the product with the idea to lower the costs and provide speed to money settlements in the FinTech industry.
This month, XRP has experienced multiple pops and drops, with one hike session in the first week of October when xRapid was first launched for commercial purposes. Many big names adopted the product, causing a price rally in the XRP market.
The largest trading volume of XRP has been recorded to be flowing in from the Japanese exchange Bitbank where the figures are equivalent to $178.3 million [approx.] and the pair involved is XRP/JPY. The other exchanges contributing to the dense trading volume of the cryptocurrency are Upbit, Binance and Bithumb.
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