Ripples XRP price influenced by CEO announcements at Singapore Fintech Festival

Wednesday 14 November 2018 00:24 CET | News

Ripple’s cryptocurrency XRP has spiked 4%, gaining ground on Ethereum as the world’s second-biggest cryptocurrency by market capitalization, according to Forbes.

During the Singapore Fintech Festival, the company’s CEO Brad Garlinghouse called for a ‘global framework’ for payments and challenged Bitcoin for its failings, mentioning the fact Ripple is ‘solving a cross-border payments problem’ and that the value of any digital asset will be ‘based on its ability to solve problems’.

Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs, a US-based technology company. The company’s CEO also addressed speculation and rumours Ripple could team up with rival SWIFT, the international payments processor owned by the world’s biggest banks. Garlinghouse indicated that Ripple could eventually take over from the financial messaging company as the default international payments processor.

As a result of these announcements, Ripple’s price jumped, giving the cryptocurrency a market capitalization of USD 21 billion, according to CoinMarketCap data, at time of publication.

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Keywords: Ripple, Singapore, cryptocurrency, XRP, distributed ledger, smart contracts, Faster Payments, banking, cross border payments
Countries: World

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