XRP price is up 13.26% to reach a daily high of $0.3847 today. Although the coin has returned to trade from daily highs at $0.3729 at the time of writing, all indicators suggest that bull pressure is still continuing.
Today’s price jump comes as a relief for the Ripple cryptocurrency, which is battling a prolonged court battle against the US Securities and Exchange Commission (SEC).
This is the first time that XRP is trading above $0.35 in the past two weeks.
Why is the price of XRP rising?
Yesterday, June 23, the team behind RippleNet and the XRP cryptocurrency, XRP Labs, announced the launch of the Pro Beta version of Xumm, Ripple’s main wallet.
Zoom Pro Beta is Live! I
What do you get now? You will receive incoming push notifications for transactions and trades. pic.twitter.com/GSHZoy4l8j
— Zum Wallet (@XummWallet) 23 June 2022
To begin with, Xumm will only be available through a paid subscription using Ripple’s native token XRP.
Once the beta testing is completed, Ripple Labs is expected to launch the Zoom Pro, which will have full functionality and customers will only have to switch from their wallet to Zoom Pro to use it.
Zoom Pro Beta Features
The Zum Wallet includes a number of innovations, including the ability to split the wallet’s funds into two accounts: spending and saving, the opportunity to claim a free Tangeum card, which is a kind of “cold” for storing cryptocurrency. “Have tools, access to premium technical support, and the ability to buy XRP using EUR via an on-ramp/off-ramp solution.
Ripple however clarifies that anyone who wants to use the Zoom Wallet will have to go through the Know Your Customer (KYC) process, a requirement that is optional in beta testing.
Rip Labs Innovation
Despite the tough times, Ripple Labs is rolling out various innovations including the XRP Ledger. However, the deployment of Xuum Wallet is expected to increase the price of XRP in the coming days.
Xumm Wallet adds to the number of innovations that Ripple investors are expected to enjoy independently, especially as litigation by the US SEC comes to an end.