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XRP, the native cryptocurrency of the Ripple network, has risen by more than 12 percent in the last 24 hours.
Cryptocurrency traders and technical analysts generally expect that the positive price movement of XRP will continue in the short term, given the vastness of the recent upward trend in assets.
What caused ripple at the rally?
During the past week, Ripple has seen some progress on the adoption and integration of its blockchain-based liquidity products.
At the Global Islamic Economic Summit 2018, the head of Ripple's global infrastructure, Dilip Rao, revealed the company's plans to expand in the Middle East by setting up an office in Dubai, as reported by CCN.
"I think the UAE government that states that 50% of all government transactions will be on accounting book technology distributed by 2020 is a fantastic way to encourage innovation, to bring Fintech to the market and then to build locally the skills to iterate on those solutions that the Fintechs bring you ".
Rao said that financial institutions in Saudi Arabia, Kuwait, Bahrain and Oman have already started using XRP to process cross-border payments or perform pilot tests on the Ripple blockchain network.
"Now we have three banks in Saudi Arabia, two in Kuwait … one in Bahrain, one in Oman … one couple in the United Arab Emirates [United Arab Emirates]… and it's really out of the fastest growing market, "Rao said.
Advances in Ripple Labs' plans to expand its range of action throughout Asia and encourage the adoption of XRPs may have contributed to the short-term rally of digital assets in recent days.
Most importantly, while Ethereum (ETH), Bitcoin Cash (BCH), Cardano (ADA) and other major cryptocurrencies recorded fairly substantial gains throughout the week, XRP remained stable in its low price range.
The stability of XRP following a triple increase in value at the end of September could have allowed the business to initiate a delayed corrective upside.
At the time, the billionaire investor Mike Novogratz said that probably new buyers would enter the market, probably due to some announcements of Ripple, such as the high profile partnership of the company with Banco Santander to use XRP as the base currency for the new banking giant's mobile app.
"They're building a great deal." Full disclosure – We (Galaxy Digital) a 1% owner in Ripple, the company, not the currency … They have a good story.When something skips 3 times, I do not understand it. [Maybe] it's a small compression up to a certain point, because I'm sure some people were short, but they were [likely] new buyers. "
Will XRP continue its race?
Second Hsaka, a cryptocurrant trader, the strong XRP race is not necessarily unexpected due to the 20-day consolidation period it has experienced.
But as the momentum of XRP remains strong, the analyst said he was not sure if Ripple could prolong his race for the next 12-24 hours.
"After the second goal, the XRP is on a rampage I'm not surprised at the strength of this move given the consolidation of 20 days it has gone through."
Shutterstock foreground image. TradingView Charts.
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