XRP price jumps after Ripple’s business liquidity hub launch

XRP price jumps after Ripple’s business liquidity hub launch

By Charles Thuo - min read
  • At press time, XRP was trading at $0.5281, up 3.53% in the last 24 hours.
  • The XRP price has been soaring in correlation with Bitcoin’s (BTC) price.
  • Ripple has today launched a business liquidity hub.

Today’s launch of the business liquidity hub by Ripple Labs has added impetus to the already bullish XRP price. Over the last 30 days, the XRP price has risen by more than 40%.

The splendid performance comes even as Ripple continues to defend itself in the ongoing case with the US SEC, which most believes is almost coming to a conclusion although no deadlines have been given by the court.

Ripple’s business liquidity hub

The newly launched business liquidity hub will allow businesses to access liquidity for digital assets from various cryptocurrency exchanges, over-the-counter (OTC) marketplaces, and market makers across the world. The hub will integrate different solutions to help businesses access and manage liquidity across the various platforms.

Business corporations will be able to leverage cryptocurrency liquidity and an expansive payout network to power treasury operations, payments, and other needs.

The liquidity hub, which had been in pilot test since last year, will seamlessly bridge the gap between crypto and fiat systems. It uses advanced technology to get the best crypto assets rates thus eliminating the need for pre-funded capital positions with multiple liquidity platforms. This helps businesses cut their tied-up capital thus allowing them to efficiently manage their resources.

The liquidity hub will be a round-the-clock service thus making digital assets transaction management flexible and fast while allowing businesses to effectively track their funds.

Cryptocurrencies available in the business liquidity hub

Interestingly, the business liquidity hub does not currently support XRP token. It supports five cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ethereum Classic (ETC), and Bitcoin Cash (BCH).

The absence of Ripple (XRP) has sparked a fierce reaction from the Ripple community though many believe it is because of the ongoing case against the US SEC that argues that XRP is a security, not a cryptocurrency.