XRP has surged by more than 15 percent over the last 24 hours. It is to be noted that XRP is the native cryptocurrency of the Ripple network. Given the veritable immensity of the asset’s recent upward climb, numerous crypto analysts expect the positive price movement of XRP to continue in the short-term.
Ripple has seen some progress in regards to the adoption, throughout the past week. Also, there is considerable progress in terms of integration of its blockchain-based liquidity products.
Dilip Rao, Ripple’s global head of infrastructure divulged, at the Global Islamic Economic Summit 2018, the company’s plans to expand into the Middle East by establishing an office in Dubai, as per the earlier reports of CoinAdvice.
Rao commented that financial institutions in Bahrain, Saudi Arabia, Oman, and Kuwait have already started to utilize XRP for processing cross-border payments or run pilot tests on the Ripple blockchain network.
It would not be wrong to comment that a major contributing factor to the short-term rally of XRP over the past several days might be the progress in the plans of Ripple Labs to expand its reach throughout Asia and encourage the adoption of XRP.
It is to be noted that while major cryptocurrencies and digital assets like Ethereum (ETH), Cardano (ADA), and Bitcoin Cash (BCH) experienced considerable upward movement throughout the week, XRP remained quite stable in its low price range.
Also, it’s a strong possibility that the stability of XRP following a three-fold proliferation in value in late September might have allowed the asset to initiate a delayed corrective rally.
During the aforementioned proliferation period, Mike Novogratz commented that new buyers apparently entered the market, probably due to some of the announcements Ripple made such as the high profile partnership of the firm with Banco Santander to use XRP as the base currency for the banking giant’s new mobile app.
The strong run of XRP is not necessarily unexpected due to the 20-day consolidation period it experienced, as per a cryptocurrency trader, Hsaka. The analyst stated that it remains uncertain whether Ripple can extend its run throughout the next 12 to 24 hours, as can be seen from the momentum of XRP remains strong.