Cryptocurrency

Ripple sets new 2020 high on new partnerships

Ripple sets new 2020 high on new partnerships

Ripple rose to a new 2020 high on Thursday, continuing to perform well in recent period, due to the concept among traders who are considering it and other cryptocurrencies as a safe haven amid the recent spread of the Coronavirus.

The third-largest digital currency in terms of market capitalization soared more than 9 percent to a peak of $0.3355 on BitStamp exchange, where it has achieved, so far, more than 45 percent increase on monthly basis.

Today’s record is considered the highest since July last year, while the third consecutive daily gain. Currently, the Ripple is 4.78 percent up at $0.3120.

Earlier, Ripple’s Xpring announced its intention to launch a web page and community forum referred to as "Developer Relationships" or DevRel, to its developer platform.

By launching its web page and forum, Xpring aims to provide developers with code and tutorials as well as technical support, all in an effort to engage the community around the Exspring platform.

This week, Ripple took another step into the Middle East by announcing yet a new partnership with the National Bank of Egypt, the largest state-owned bank in the country.

Earlier in January, Ripple's CEO predicted that IPO operations would become more common in cryptocurrencies and Blockchain in 2020.

Brad Garlinghouse said in remarks on the sidelines of the World Economic Forum in Davos, Thursday, that Ripple will be one of those companies seeking public offerings on the stock exchange.

Brad said, “in the next 12 months, you'll see cryptocurrencies and Blockchain, we won't be the first and we won't be the last, but I expect to be in the lead," also adding “It’s a natural development for our company."

In the same vein, Forbes has released the 2020 list of the best fintech companies, which ranked Ripple second with $293 million on the list of most funded companies.

The cryptocurrency industry has so far focused on the initial offerings of digital currencies (ACO), which have evolved as an alternative version model for innovative start-ups that have managed to spare them many of the cumbersome legal and regulatory processes involved in a traditional initial public offering.

As for Coronavirus, China's numbers of people have increased to 59,804,000, while the number of deaths has reached 1,367, raising concerns in the markets again, according to the National Health Committee.

On BitStamp exchange, the Bitcoin slumped 1.28 percent to $10,183 after it touched a new 2020 peak at $10,495 yesterday, which is the highest since September 2019.

Meanwhile, Ethereum surged more than 3.30 percent at $264, in the same direction Litecoin as it advanced 0.27 percent at $79.35.

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