The price of XRP has surged past the $1 mark over the last 24-hour period after Ripple announced that GME Remittance, one of the largest non-bank remittance service providers in South Korea, joined RippleNet. Per analytics firm Santiment, XRP’s price could rally further.
RippleNet, according to Ripple’s website, offers “connections to hundreds of financial institutions around the world via a single API and makes moving money faster, cheaper, and more reliable,” and leverages the XRP token to source liquidity during cross-border transactions through its On-Demand Liquidity (ODL) service.
Using the service, GME Remittance has connected to Thailand’s largest bank in terms of market capital, Siam Commercial Bank (SCB). Traders seemingly turned bullish on the XRP token after the announcement, as the price of the cryptocurrency jumped over 18% after it was published.
According to Santiment, XRP’s price could keep on surging after decoupling from bitcoin and other major cryptocurrencies if there’s an uptick in the number of unique addresses interacting with the network daily, or if the number of new addresses being created surges.
The cryptocurrency’s use via RippleNet has been growing over time, as late last month Ripple started tapping into the nearly $2 billion a year remittance market between Japan and the Philippines through the use of ODL and the XRP token, connecting Japan’s money transfer provider SBI Remit with Philippines mobile payments firm Coins.ph and cryptocurrency exchange SBI VC Trade to open up a remittance corridor that uses on-demand liquidity between both countries.
Moreover, the average daily trading volume of the XRP token has surged in the second quarter of the year, despite the ongoing legal dispute involving its largest player Ripple and the U.S. Securities and Exchange Commission (SEC).
According to an XRP market report published by Ripple earlier this month, the daily trading volume of the cryptocurrency doubled to $4.49 billion per day on average, up from $2.26 billion recorded during the first three months of the year.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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