The price of Ripple’s XRP has passed the $1 mark for the first time in its history. As the fourth largest cryptocurrency with a market capitalization of $41 billion, Ripple passed the milestone in times when every other cryptocurrency is sinking.
After months of sideways trading for the cryptocurrency which took an upwards turn a week ago, Ripple has been bosomming lately as investors looked to move money out of the overstretched – and falling – Bitcoin.
Recently, the company Ripple announced that Standard Chartered and Axis Bank are launching a new cross-border payments platform that is built on top of Ripple technology. The news continued with American Express saying that it was using Ripple’s network to connect its Santander clients in Europe and the US.
As of today, however, Ripple’s price is largely driven by the market, especially the one in Asia. XRP has seen trading volumes increase over the past 24 hours by nearly 25% at the major South Korean exchange Bithumb, while the volumes on the Hong Kong-based Bitfinex have also risen by over 10%.
It is true that Asians are going mad for Ripple, especially after the news that a coalition of 61 banks in Japan, organized by the SBI Ripple Asia in Tokyo, will launch a new digital payments systems pilot program with Woorie Bank and Shinhan Bank of South Korea, all using the Ripple blockchain network. So, it is true that people feel comfortable with Ripple, its name and the technology behind it – and are slowly beginning to realize how big of an opportunity there is between business and the blockchain.
Presently, Ripple is trading at $1,13, gaining nearly 50% in the last 24 hours and being up almost a double week-on-week. Its market cap is also at a new record high, sitting at $41 million dollars.
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