Ripple's one-day surge of nearly 100% may be related to the stagnation of Bitcoin's development

The price of XRP, the underlying cryptocurrency of the Ripple network, hit a two-year high today. As of press time, according to data on coinmarketcap.com, the current price of XRP on the P network has reached $0.02137, and the price on domestic exchanges is about 0.154 yuan, which means that in the past 24 hours, the increase of XRP has been close to 100%, which is the highest price since January 2015.

Recently, Ripple, the parent company of Ripple, also received good news. According to Nikkei News, a consortium of several international banks plans to launch a blockchain cross-border payment service. The consortium members include Bank of Tokyo-Mitsubishi UFJ, Standard Chartered Bank, Bank of America Merrill Lynch, Santander Bank, Royal Bank of Scotland and Canadian Imperial Bank of Commerce. The consortium currently plans to launch this cross-border payment service in 2018, focusing on retail and commercial customers. The report mentioned that the distributed ledger startup Ripple will provide the underlying technology for the service.

Over the past year, many banks around the world have tested blockchain technology, some of which have experimented with the Ripple platform, including banks in India, Asia, Europe and China.

Bank-to-bank payments have become an attractive application in the financial industry and have even attracted the attention of some central banks.

However, the new businesses envisioned by the alliance may only leverage cross-border payments, according to Nikkei forecasts.

Although this development of the Ripple network is encouraging, it seems that there are other reasons for this surge in the value of Ripple.

Miguel Vias, head of Ripple’s markets, told reporters:

“I think this surge in Ripple is largely related to BTC.”

Observers are divided over the reasons behind the recent surge in the value of various cryptocurrencies, including Litecoin, Ripple, etc. Tim Enneking, chairman of Crypto Asset Management, echoed this view:

“It almost seems like this is moving very quickly from one altcoin boom to the next altcoin boom,” he said.