The sixth largest global cryptocurrency already has a market capitalization of more than $35 billion, according to Coinmarketcap. Likewise, this digital currency has surpassed the also famous Dogecoin (DOGE).
The price of XRP has climbed more than 8% in the last 24 hours, and its total market share has now reached 2%.
Why Did This Rise Come About?
One of the main reasons for XRP's upward movement was Ripple's announcement of on-demand liquidity (ODL) in Japan.
Ripple, a large American cryptocurrency company announced a collaboration with Japan's SBI Remit and Philippines-based Coins.ph for the launch of RippleNet's first live on-demand liquidity on demand (ODL) in Japan service.
The service provides a single and simplified credit access solution for each marketplace using XRP, while customers can buy Ripple on credit.
Ripple emphasizes that the credit line offers a faster service than conventional ODL services.
Also says the new service is significantly cheaper than typically available alternatives, as well as completely transparent with no hidden fees or charges.
Click here to read all announcement
“The launch of ODL in Japan is just the start, and we look forward to continuing to push into the next frontier of financial innovation” said Nobuo Ando, Representative Director of SBI Remit.
Our Opinion on the Short-Term Chart of XRP
On the one-hour chart we can see that currently the XRP price has its next support zones at the levels of $0.2932 and $0.2860. On the upside meanwhile, if the price manages to hold above $0.30, we could see it in the $0.3064 and $0.3105 zones.
Meanwhile, XRP still faces a big challenge on a weekly basis to get out of the red, and must end the week above $0.3169 if it is to continue the upward climb.
Finally, let's remember that last week's high was $0.3694.
Do you trade XRP ? Tell us what questions you have ? Our team of experts at AtoZ Markets is here to help you with your trading.