Ripple price increases, breaches $1 levels after daysMarch 5, 2018
Ripple (XRP) price is surging finally giving investors and traders something to be happy about after days of near stability that got many thinking about what was the matter.
Ripple is currently trading at 13 per cent higher than yesterday and if we look at the price, the cryptocurrency is trading at $1.01 as of this writing. The increase in Ripple price isn’t surprising because overall the cryptocurrency market is on an up over the last couple of days. The increase in prices has helped lift the total value of the cryptocurrency market to a massive US$500 billion according to Coin Market Cap.
There have been reports questioning the unwavering stability of Ripple of the last few days. The crypto hasn’t been seeming much changes and traders and investors were intrigued if not worried. However, things changed over the last few hours with Ripple price seeing a 13 per cent surge day over day.
The increase in Ripple price can’t be explained because there has been no single piece of news that appears to have sparked this move higher. However, there have been a series of positive developments for the cryptocurrency that could have had a positive impact on sentiment.
If we take a look at last month, global money transfer company Western Union confirmed that it is evaluating blockchain technology and is testing transactions with Ripple. At the time Ripple said they have been testing different products with Western Union for a while and were excited about the future.
Then reports came in that South Korea’s Woori Bank has successfully completed a cross-border remittance test using Ripple’s distributed ledger technology. Bank officials are optimistic that Ripple will bring new efficiencies to banks’ cross-border transactions by cutting middlemen banks out of the equation. There is speculation that this may just be the start of upwards of 60 Asian banks that may look at its use.
The price surge could be seen as a late effect of these positive developments.