XRP, a currency for Ripple platform, has recently been in the news for massive price gains. The firm is entering into a partnership with Moneygram to see the latter testing the currency on its transaction network.
On January 14, Ripple also went into partnership with DMM.com for the latter to launch a feature that allows users to sell XRP. The announcement made the price to increase from $1.72 up to $2.20 although it has fallen back to below $2 as at the time of writing this.
XRP price is doubling the dollar
These and other developments could make Ripple price to rise further according to some speculations.
The cryptocurrency surpassed a dollar each for the first time in history last month before Christmas. It also made more news when it became third largest in market capitalization on end of December by overtaking Bitcoin Cash. The cryptocurrency went on to become second largest after Bitcoin before falling to the third position earlier this month.
In October, Bill Gates Foundation launched Mojaloop, an open-source software that banks can adapt and implement in their digital platforms. It uses Ripple.
These positive business partnerships could finally be a good thing for the cryptocurrency. Google searches trends are also favoring “buy XRP” to others, surpassing searches such as “buy Bitcoin” on December 30. It is likely that the cryptocurrency will gain most when more new buyers start pushing demand higher.
For now, there is little entry of new users interested in buying cryptocurrencies in general, which is what largely boosts demand. Most who bought it a few weeks ago is holding it.
In terms of where the cryptocurrency is traded most, Binance holds the most — about 8 percent — of all XRP trades followed by Bittrex at just 4.5 percent (Bittrex has 20m more website visitors than Binance but has been closed to new users since mid-December).