The Remarkable Rise in XRP After Ripple’s Partnerships

The Remarkable Rise in XRP After Ripple's Partnerships

The 18 percent rise in XRP, which was the 3rd largest cryptocurrency for many years, but lost this order after the lawsuit filed by the SEC, drew attention. According to data analytics firm Santiment, the increase in new wallet formation on a daily basis could trigger this rise even more.

Despite the lawsuit filed by the US Securities and Exchange Commission (SEC), the rise in XRP, which still managed to maintain its place among the top 10 largest currencies, reached 18 percent yesterday.

It is known that Ripple has signed important deals, especially in the Far East market, but the lack of a yesterday-specific statement or the lack of an agreement has caused the reasons for the rise to remain ambiguous.

“Rally can go further”

Data analysis firm Santiment, on the other hand, did not remain indifferent to the reason for this rise. The rise in XRP was interpreted as follows from the company’s Twitter address:

“XRP is leaving Bitcoin and other cryptocurrencies with an 18% rise. You can see the rise in address mobility (daily interaction of personal addresses) and growth in the network (creation of new addresses). These formations can take the rally further.”

They agreed with the South Korean payment company.

As it will be remembered, Ripple company, which is an XRP issuer, has partnered with GME, one of the largest payment companies in South Korea, through its Asian partner, SBI Ripple Asia. With this partnership, the parties created a payment corridor between South Korea and Thailand.

Ripple also has payment corridors from countries such as Egypt, Indonesia, and Dubai. While the price of XRP has risen to $1.09 in the last 24 hours, it is trading at $0,960 at the time of writing.

SEE ALSO: 6 Common Usage Area for DeFi (Decentralized Finance)

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Caroline Tetra

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