Ripple price makes significant gains on Thursday to fight the downward momentum of the wider cryptocurrency market amid marked trading activity in Korea.
The price of XRP, the cryptocurrency powering Ripple’s Consensus Ledger (RCL), surged 10% during trading on Thursday as the world’s third-largest cryptocurrency decidedly swam against the tide of the wider market downturn over a 24-hour period.
A bulk of the trading activity, according to data from CoinMarketCap, was centered in Korean markets.
In recent weeks, Ripple has opened shop in multiple locations in Asia, specifically India, the world’s largest receiver of remittances and Singapore, among the world’s leading FinTech and trading hubs.
While there are no immediate indicators of factors behind the price surge, Ripple is soon to host ‘Swell’ – a FinTech conference with a focus on blockchain technology will see a number of banking leaders and technology pioneers, later this month.
San Francisco-based FinTech startup Ripple has always stuck to its goal of connecting global banks on its enterprise-ready public blockchain to power near-instant, cheaper international remittance. Ripple’s native token XRP powers the RCL blockchain, an open-source ledger that Ripple says will soon be “more decentralized” than Bitcoin.
At the time of publishing, Ripple’s total market cap stands at $8.2 billion, making it the third largest cryptocurrency after Bitcoin and Ethereum. Over a 7-day period, Ripple has grown 14.11%, marking the biggest gains in the same period among the top 10 cryptocurrencies.
Stay tuned for today’s market round-up.
Featured image from Shutterstock.
Last modified: May 21, 2020 9:12 AM UTC