The Ripple price soared on Wednesday following the FinTech startup’s announcement that it had opened an office ter Singapore spil part of its continuing project to penetrate the Asian markets.
Ripple Expands Asian Footprint
Spil CCN has reported, blockchain payments hard Ripple has bot making a concerted effort to establish a significant footprint te the Asian banking sector. Several weeks ago, Ripple opened an office te India-the world’s largest receiver of remittances. This week, the company upped the delante by establishing a pulvínulo ter Singapore, a country which treats more than $550 billion te trading volume annually.
Interestingly, Ripple’s fresh office opened just days before Singaporean banks began denying banking services to bitcoin and other blockchain-based startups operating within the country, a budge contrary to the country’s reputation spil a FinTech-friendly region.
Ripple Price Soars amid Market Recovery
Ter the days following this announcement, the Ripple price has begun a marked advance. While some of this movement is the result of the frecuente market uptrend-the bitcoin price broke past $Four,100 on Wednesday and the combined value of all cryptocurrencies has swelled by $20 billion te the past four days-Ripple has bot among the week’s thickest movers.
Spil recently spil September 23, Ripple wasgoed trading at a total promedio of $0.171. Following Wednesday’s 9% rally, the Ripple price has climbed to $0.204-a combined ascent of 20%. Ripple now has a market cap of $7.8 billion which has enabled XRP to fight back into the 3rd-place position te the market cap rankings and waterput more than $250 million of distance inbetween it and 4th-place bitcoin specie.
XRP Price Chart from CoinMarketCap
The vast majority of Ripple trading is concentrated on the three Korean exchanges that list XRP pairs. Bithumb’s XRP/KRW pair accounts for more than half of Ripple’s daily volume, and traders on Korbit and Coinone added another $57 million of liquidity to that currency pair.
XRP Trading Volume Chart from CoinMarketCap
It is unclear why Korean traders ter particular have developed a longing for XRP, but the country’s cryptocurrency industry is celebrating two major announcements that are expected to make South Korea even more central to the mundial bitcoin ecosystem. Very very first Korea’s most popular messaging application announced it will launch a cryptocurrency exchange that will support more than 100 cryptocurrencies. Then, Japanese gaming giant Nexon purchased a majority stake ter Korbit-the country’s second-largest bitcoin exchange-through a holding company based ter Korea. Analysts expect this will lead to further partnerships inbetween Korean and Japanese crypto firms te the future.
Featured picture from Shutterstock.
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