XRP which is the sixth largest crypto asset based on market capitalization recorded a price increase of 20% over the past few hours. This price increase has pushed XRP out of the ‘cocoon’.
The current price increase is believed to be influenced by the latest announcement from Ripple. The blockchain firm earlier today announced the launch of its first On-Demand Liquidity (ODL) corridor in Japan. The ODL service from Ripple has been in high demand especially in the Asia Pacific region. Ripple’s new ODL corridor will help Filipinos in Japan to send money to the Philippines at much faster and cheaper rates.
XRP has been trading below $ 0.70 since last month again. After hitting a 3 -year high of $ 1.96 in May of this year, XRP’s price has plummeted to the point of losing 65% of its profit from its annual high. XRP was among the most affected cryptocurrencies during the price correction in May.
The ongoing lawsuit against Ripple filed by the U.S. Securities and Exchange Commission (SEC) is among the reasons why some investors are starting to lose confidence in Ripple.
Recently, talks between the two sides are still ongoing and have not yet reached a final word. Yet talk after talk, it is seen that Ripple has more arguments against the SEC.
The XRP price is currently trading at $ 0.7093, down from the $ 0.7518 level we enjoyed today.
