Ripple Expat Jed McCaleb Ramps up Cryptocurrency Sell-Off as XRP Rallies

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The cryptocurrency was holding a market cap of $2.07 billion with a 24-hour market volume of $97.81 million.

PNC is one of top 10 USA banks by assets held.

This morning, XRP once again "flippened" ETH after trading up almost 20% at approximately $0.55.

In an interview with Coindesk, Ripple's Senior Vice President Asheesh Birla noted that PNC has already conducted its pilot phase and proof-of-concept, and the bank will begin using xCurrent immediately in a production environment. This is also one of the reasons for the bullish momentum of this currency.

In February, crypto derivatives platform BitMEX also warned investors that Ripple's payment network architecture will likely "remain unstable and [its] trust networks are unlikely to be regarded as reliable". Remitr and FlitterWave established a RippleNet corridor to Nigeria from Canada, the first connection on RippleNet in Africa.

Brazil to Spain, Italy, Germany, France and Portugal (via Beetech & Insta ReM).

People can get XRP on exchanges such as Kuna, Bitstamp, Bitsane, ZB, Qryptos, BitFlip, and CoinEx. A repeat sell-off might equal the ferocity of the rally itself. But the news boost lasted only over the weekend and the world's third-most valuable cryptocurrency token has shed as much as 40% of its gains since yesterday.

Ripple is a software enterprise company based in the United States which utilizes Distributed Ledger Technology (DLT) to enable cross-border interbank payments.

XRP is reporting double-digit gains today, despite a generally bearish mood across the wider crypto markets.

The value of XRP is still in a major upward trend.

Ripple Labs Inc. could launch a service that will use its native currency "in the next month or so", one of its executives told CNBC on Monday.

Is the XRP price rise due to positive news?

This price rally is a proof that Ripple is displaying its dominance in real-world relationship with companies who are in need of Fintech services. However, all of these partnerships were mainly related to another product known as xCurrent.

While the bank hopes to deal with many other financial institutions in the near future, according to Ripple; the bank would be connecting first with the institutions in North America and Asia, with Singapore marked as the starting point in the continent.

Cryptocurrency company Ripple and a division of PNC Financial Services Group Inc. have signed an agreement that would see the financial company makes use of Ripple's technology in processing global payments. He argues that XRP investors do not secure a shareholder-like position when they purchase the asset. Essentially, if you initiate a transfer, Ripple's program will automatically convert them to XRP, then transfer the XRP to the foreign account, and finally convert that amount of XRP into the national (or desired) currency of the receiver.