Why Ripple Price Spiked 20%?

In the course of the last 24 hours, Ripple coin’s price has risen the most out of the top 50 cryptocurrencies. Why Ripple Price Spiked 20%? What is driving the coin up?

5 March, AtoZForex At the moment, the total market capitalization of cryptocurrency market accounts for $473,387,538,177, thanks to the uptrend that many of the altcoins are following. Prior to this positive upturn, the market has experienced a major correction back during the first month of 2018.

Ripple Price Journey

Ripple has appeared as the key cryptocurrency to lead the overall cryptocurrency market rally. During the last 24 hours, none of the digital currencies in the top 50 has outpaced XRP. Yet, what is driving Ripple up?

The price of Ripple has skyrocketed from a low of $0.90 only to trade at $1.05 as of now. This represents a 20% increase in the Ripple coin’s valuation. Nevertheless, this appears as good news to all the Ripple holders as well as the community. The majority of XRP supporters have been awaiting some positive news since XRP has jumped to $3.83 on January 4th before dropping all the way down to $0.58.

Why Ripple Price Spiked 20%?

The sharp spike in Ripple’s price did not come as a surprise since the community has been receiving a lot of good news lately.

For instance, RippleNet, the provider of real-time messaging, clearing and settlement of financial transactions, has caught an attention of Itaú Unibanco. The latter is one of Brazil’s largest private sector bank and Latin America’s bank by market cap. Some other big banking sector players, such as IndusInd, a leading private sector bank in India, and Singapore’s major remittance provider, InstaReM, have also been showing some interest in RippleNet.

In the middle of February, the central bank of Saudi Arabia has also inked a deal with Ripple. Ripple looks into helping Saudi banks to settle cross-border payments via Blockchain software. Adding to this, the global payments giant Western Union has commenced testing Ripple technology xRapid.

Sometime earlier, Ripple has signed a deal with UAE Exchange. The major foreign exchange is interested in utilizing the Blockchain technology for their payments.

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