XRP Price Soars Past $0.75 As Ripple Signs Bank of America As Its New Client

24. Nov 2020 Posted by Akolkar B on News

Following the Bitcoin (BTC) bull rally, Ripple’s XRP has registered massive gains over the last week. Earlier today, the XRP price moved past $0.75 hitting its new 2020-high. Although the XRP price has cooled off since then, the cryptocurrency still trades at over 100% premium on weekly charts.

This makes XRP as the top-performing altcoin for the week. At press time, XRP is trading at a price of $0.62 with a market cap of $28.1 billion. It is for the first time that XRP has attained these levels in the last two years after January 2018.

The altcoin market has rallied significantly over the last week and XRP is leading the show. Almost all of the top-ten altcoins have surged anywhere between 20-110% over the last week.

The latest breakout in the XRP price suggests a strong momentum northwards. However, for XRP to continue its journey above $0.70 and above, it is important that it sustains the crucial support of $0.60.

In another major development for Ripple, the San Francisco-based blockchain startup has signed Bank of America (BoA) as its new client who will be leveraging the RippleNet blockchain solutions for instant cross-border payments. This is a major milestone for Ripple as it pushes ahead in its journey to transform the digital payments market. Some of the other big banking clients of Ripple include Banco Santander and Bank of America.

Ripple also continues to make new developments and the company is now looking to work with central banks worldwide to offer support for future CBDCs on the XRP Ledger. The latest job posting from Ripple notes that it is looking to hire a senior director who will work on collaborations with central banks worldwide.

Besides, the director will also be responsible for educating central banks about digital currencies and how Ripple’s XRP Ledger can contribute to their growth and expansion. Over the last few years, Ripple has been already working on setting up an infrastructure for instant cross-border payments while providing on-demand liquidity using the XRP ledger.

Recently, the Ripple top brass expressed displeasure with the slow and hindering regulatory developments in the United States. Citing multiple regulatory hurdles, the Ripple CEO Brad Garlinghouse also stated that they are planning to shift their HQ out of the U.S. to some other crypto-friendly jurisdictions like Dubai, U.K, Switzerland or Japan.