Ripple’s XRP has gone through some harsh weather these past two weeks. Much like the rest of the crypto market, XRP was hit hard when the bears came back for revenge on bitcoin but now we’re seeing some juice flood back into crypto assets, at least for some of them.
In fact, over the past three days, the rally of XRP comes during a time where most big cryptocurrencies have had some problems against the US dollar amongst a huge market pullback.
At the same time, the leading cryptocurrency dropped from $8.2k to $7.8k and the price of Ethereum had fallen from $177 to $169.
With the cryptocurrency mainly being utilised on RippleNet by financial institutions to process international payments.
As reported by CCN:
”The value of any payment settlement network comes from financial institutions and payment processors that use the protocol to send and receive information, establishing a network effect.”
With this, in terms of fundamentals, additions of big financial service providers onto Ripple’s blockchain solutions have been considered as one of the major factors for the short terms price move of XRP.
Back in June, Ripple announced a strategic partnership with the huge remittance service provider MoneyGram, the price of XRP surged up to $0.31 in just the two days that followed. Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Brad Garlinghouse, CEO of Ripple said at the time:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies.”
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!