In the latest crypto news, we have XRP which is the native cryptocurrency of the Ripple network with an impressive surge of 12% in less than 24 hours. According to analysts and traders, the positive movement of XRP will continue in the short-term given the sheer magnitude of the asset’s bullish run.
It all started last week when Ripple’s altcoin XRP started seeing progress in regards to the adoption and integration of its blockchain-based liquidity products. The global head of infrastructure at Ripple, Dilip Rao, was present at the Global Islamic Economic Summit 2018 and announced the company’s plans to expand in the Middle East by establishing an office in Dubai.
As he stated:
“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring fintech to your market and then to then build the capability locally to iterate on those solutions that the fintech bring to you.”
Rao also stated that the financial institutions in countries like Saudi Arabia, Kuwait, Bahrain and Oman all have started their plans to utilize XRP to process cross-border payments and run pilot tests on Ripple’s blockchain network.
According to traders, this strong run of XRP is not unexpected given its 20-day consolidation period. However, while the run remains strong, analysts are uncertain whether it can be extended throughout the next 12 to 24 hours.
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