Ripple (XRP) is again fighting for the top 2: the reasons for the rise in the rate

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Ripple (XRP) is again fighting for the top 2: the reasons for the rise in the rate

XRP, the cryptocurrency of the Ripple network, has grown by more than 16% over the past 24 hours, again competing with Ethereum for the second position in the ranking. This leap is due to the expansion in the Asian market, compensation for the lag behind positive dynamics and other factors. According to experts, the momentum received will only be enough for short-term growth.

Over the past week, the company has made significant strides in distributing and deploying its products to the Asian financial sector. At the International Economic Summit, Ripple representatives announced plans for further expansion in the Middle East and opening an office in Dubai. Financial institutions in Saudi Arabia, Kuwait, Bahrain and Oman are already using XRP to make international payments and are testing their fintech products.

According to Dilip Rao, head of infrastructure at Ripple, in 2 years more than half of all UAE transactions will go through the blockchain. Adding that Asia is now the fastest growing market.

Another factor is the lagging behind the overall positive trend of the crypto market over the past week, which is now being compensated. The company also recently announced a partnership with Banco Santander to use XRP as the underlying asset for a new mobile app for Spain’s largest finance and lending group..

Currently XRP traded at $ 0.54, which is 150% higher than the same period last year. The sharp jump increased the capitalization of the digital asset by more than $ 3 billion and now the project is competing with Ethereum for the second position in the cryptocurrency rating.

Bancor is also expanding its activities. Recently, the developers announced the launch of cross-platform sharing between blockchains of Ethereum and EOS platforms.

text: Ivan Malichenko, photo: Shutterstock