XRP opened at $1.03 this morning and is now at $1.08 – a rise of more than 5 percent.
During the same period, the total market value ascended from $40 billion to $42 billion.
Why is Ripple rising today?
There were big gains for XRP today as money transfer giant Western Union broke its silence about a possible partnership with Ripple.
The company’s chief financial officer Rak Agrawal said Western Union is evaluating the usefulness of blockchain technology with plans currently in the “testing phase”.
In a statement Ripple said: “We’ve been testing different products with Western Union for a while. We’re excited about our work towards a pilot implementation of xRapid, which uses XRP in payment flows.”
A further boost came from an unlikely source, the European Central Bank (ECB), which dismissed fears of a trading ban after days of uncertainty.
Answering questions as part of the ECB’s #AskDraghi video series, president Mario Draghi told CoinDesk it was not his institution’s job to regulate cryptocurrencies.
Ripple CEO Brad Garlinghouse says the token remains volatile
He said: ‘Many of you posted questions about whether the ECB is going to ban Bitcoins or it’s going to regulate Bitcoins.
“I have to say it’s not the ECB’s responsibility to do that.”
In addition, Ripple also signed a pilot financial agreement with the Saudi Arabian Monetary Authority (SAMA).
The deal will enable Saudi banks to use xCurrent – Ripple’s software technology – for cross-border payments, with additional training and programme support in place.
These announcements appeared to bolster the Ripple market, which surged from mid-morning right through to this evening, when it had a brief drop from a 6.15pm high of $1.10.
RIpple price 2018: Will XRP fall again?
Will Ripple fall again?
Despite having regained 86 percent of its value from its February 6 low of $0.58, Ripple’s token has been the worst-performing token of this year, down by 52.17 percent.
Ripple CEO Brad Garlinghouse said he expects the volatility of cryptocurrencies to continue as they go through their ‘adolescent stage.’
Talking to Bloomberg, the crypto chief said: “I think despite the volatility I think we will continue to see a lot of bullish behaviour.
“The volatility will certainly continue. We are in the adolescent stage of developing a new asset class.”