XRP price has been astonishingly bullish, up almost 80% in the past seven days. At press time, XRP is trading around $ 0.487, up nearly 9% over the past 24 hours. One of the reasons probably comes from Ripple finally added Bank of America to the RippleNet member.
Bank of America is one of the largest banks in the United States and has a major impact on the financial industry. As a result, they are open to testing some Ripple products this year will give XRP a boost.
During the annual Swell conference hosted by Ripple, which takes place online this year due to a pandemic lockout issue, Bank of America demonstrated Ripple’s use of xCurrent products. In 2019, the bank filed a patent to register a blockchain-based product called “Ripple.”
Ripple claims that Bank of America has been their client since the beginning of 2016. However, this information has been added to the Ripple website, and Bank of America stands alongside other major RippleNet members like Santander and Nium.
Elsewhere, global exchanges started transferring substantial amounts of XRP, more than 310 million XRP. Since Nov. 21, XRP has risen from $ 0.35 to $ 0.5 on Sunday and seeks to recover the top 3 by market cap from Tether.
This rise in price and market cap appears to have generated a large amount of XRP by various cryptocurrency exchanges, including the largest ones like Huobi and Binance. Among them are Ripple’s ODL corridors in Japan and South Korea: Bitbank and Bithumb. It is then also the largest exchange in the country.
Bithumb alone transferred more than 140 million XRP in just two transactions: 80 million and 60 million XRP. Meanwhile, the liquidity index XRP on Mexican exchange Bitso – also a partner of Ripple ODL – has soared and is now 50% lower than its most recent all-time high.
XRP’s liquidity metrics had declined since March when the general market crash took place, sending XRP down to $ 0.13 and taking over 50% of Bitcoin’s value in one day. However, the metrics of those metrics started to rise over the weekend as the XRP price rose.
You can see the XRP price here.