Ripple strengthens after acquiring crypto trading firm in Iceland

Ripple strengthens after acquiring crypto trading firm in Iceland

Ripple took an important step to strengthen its European presence by acquiring crypto trading firm in Iceland, giving a boost to the XRP price.

Ripple has announced its acquisition of the encrypted trading company Algrim in a blog post edited on September 30.

This process will provide the company with six engineers to Ripple's ranks. This new team will play a key role in the ON-DEMAND Liquidity Program (ODL).

According to the announcement, Iceland will now serve as one of the company's engineering centers and will join London as another European base.

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

After this announcement, the Ripple currency rose more than 7 percent to trade at $0.26 to record the highest rise during the day.

Meanwhile, Bitcoin the largest market cap inside the cryptocurrency market, is still struggling after the painful downside fall that has started since September 19.

On BitStamp Exchange, the Bitcoin fell to a low of $7,722, the lowest level in three months, before recovering to $8,037.

Versus the Bitcoin, XRP augmented 5.56 percent to 0.00003198 BTC. That’s the biggest increase among the top digital currencies.  

The Bitcoin’s dominance rate has continued its plunge to hit 67.25 percent, compared to 69.25 percent recorded on September 25.

The total market capitalization for the whole cryptocurrencies market is meanwhile $215.6 billion, according to CoinMarketCap.

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