In the wake of the recent surge in Bitcoin Cash prices, it seems that Ripple is ready to bring down the cryptoboat with a 13% price spike.
The burst of activity could be attributed to the announcement that the company made at the Global Islamic Economic Summit 2018. At the conference, Ripple announced the intention to open a new office in Dubai, in addition to the current offices of San Francisco, New York, and Sydney. Dilip Rao, Ripple's Global Head of Infrastructure Innovation, spoke at the conference, commenting on how he thinks the United Arab Emirates (UAE) is an important place to consider when considering blockchain projects:
"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 locally build the skills to iterate over those solutions that the Fintechs bring to you. "
He continued to discuss the attention of the company, which is on cross-border payments:
"Initially we focus on cross-border payments because we think it's the point where there's more friction." In this part of the world, there's a huge requirement for cross-border transactions, which will support the economy both. within the region than in the rest of the world ".
This concept was also the star of Ripple's new advertising spot, which underlines how difficult international payments can be.
The XRP / USD trade pair rebounded between $ 0.40 USD and $ 0.48 USD from the price drop at the beginning of last month. Since then, Ripple has struggled to clear $ 0.5000 USD before and this break could set the currency for a bullish run if traders take the breach as a sign of investment.
At the time of writing this article, Ripple saw a price increase of 13.20% in daily trading and is now trading at $ 0.524445 USD and has a market capitalization of $ 21.085.578.538 USD.