Sequel to the partnership between Ripple Network, the fintech company behind XRP, and the National Bank of Egypt, the recent XRP price boost has recently spiked. This is an indication that the XRP is gaining more grounds in the cryptocurrency market, a clear reason for the XRP price increase.
Named as the second among the top ten biggest fintech companies in America, Ripple has hit over 10 million US Dollars in valuation and boasts of over 300 partners and clients in the banking sector and other financial institutions.
XRP price boost traced to partnership
Recently, Ripple announced a partnership agreement with the Egyptian bank which is the largest bank in the North African country. The partnership according to reports will aid the Egyptian bank customers abroad in making remittances to the bank and tap into the blockchain technology.
Ripple has made it possible for its numerous clients and existing partners to engage in timely cross-border financial transactions and transfers. The Egyptian bank is crucial to the Ripple Network and business, for the fact that Egypt is a major recipient of remittances in the world. Egyptians are estimated to have sent about 29billion US Dollars in 2018 alone. It is not yet clear if the recent partnership could have had a positive impact on the XRP price in the market.
XRP price boost could still be higher
In today’s trading, the XRP price boost has soared high by adding more than 14 percent to its original value within the last 24 hours bringing its price above 0.30 US Dollars. This recent increase in XRP price is another indication that the cryptocurrency is one of the strongest and best performing cryptos within the last 24 hours.
The XRP price has continued its bullish run by making way for another price surge. Crypto analysts and key players in the market have projected that the XRP price could break further high above its current price range. If this happens, the XRP price could soar between 0.40 US Dollars to 0.45 US Dollars.
Featured image by Pixabay