The Ripple price (XRP/USD) has returned above the $1 mark, helped by a more positive market and news of a partnership with one of the biggest remittance houses in the UAE.
On Saturday, the third-largest cryptocurrency moved above the $1 mark or the first time since February 1. While its price pulled back from its Saturday high of $1.30, dropping to an intraday low of $0.929 on Sunday, the digital coin managed to finish the weekend at the $1 mark. This has seemingly provided the cryptocurrency with a solid foundation for another run above $1. According to data from cryptocurrency tracker Coinmarketcap, the Ripple price is currently hovering around $1.05.
While Ripple has likely benefitted from improved market sentiment, its advance may have also been driven by recent news of a major partnership involving the cryptocurrency’s underlying technology.
According to reports in the media, the UAE Exchange, one of the largest in the Middle East, yesterday announced that it had joined RippleNet – Ripple’s enterprise blockchain network that already has more than 100 clients.
“Incorporating Ripple’s blockchain technology into our payments systems will bring customers an enhanced, new payments experience,” said the chief executive officer of UAE Exchange Group, Promoth Manghat, as quoted by The Telegraph. “The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple.”
UAE Exchange said it had a 6.75% share of the $575-billion global remittance market and that it aimed to expand that to 10% by 2020. Rumours that the company as in talks with Ripple over a potential partnership first surfaced last August.
In today’s trading, the Ripple price stood at $1.05, as of 14:30 GMT. The coin’s total market cap currently stands at $41.1 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.