Ripple rallies 27% despite digital market slump

  • by Ofeed Team
  • October 7, 2019, 9:59 AM
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Ripple (XRP) has increased 27 percent over the last 3 days, during the same period as other currencies are struggling against the US dollar, amid rising interest from financial institutions in using Ripple’s payment system.

The third-largest digital currency in terms of market capitalization has gained momentum during the latest period, where it has climbed 5 percent on Monday to break the $0.2650 resistant level. Against the Bitcoin, Ripple surged 6.74 percent to 0.00003366.

This increase may be due to rippleNet's core business being used mainly by financial institutions to process global payments, as the price trend at XRP has seen a high level of engagement with new entrants to the RippleNet ecosystem.

Additions from leading financial services providers to Ripple’s blockchain solutions are probably one of the key factors in XRP's short-term price direction.

Supporting this, the announcement made by XRP Ripple about partnership with MoneyGram, one of the largest providers of remittance services, the price of the digital currency was significantly affected, rising to $0.31 in the 48 hours that followed.

Last week, Ripple announced its acquisition of the encrypted trading company Algrim to strengthen its European presence.

This step came after the latest acquisition by Ripple to Logos Network and partnership with MoneyGram.

As after a relatively large drop against the US dollar from a record high, XRP began to show saturation conditions in the sale, contributing to the recovery of the asset.

Meanwhile, Ripple is 5 percent up at $0.2673, while Bitcoin and Ethereum plummeted 1.62 percent and 1.48 percent respectively, according to CoinMarketCap.

Among the top 10 cryptocurrencies, aside from the XRP, Stellar, Bitcoin Cash and EOS reported modest gains.

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