Ripple price (XRP/USD) rises amid broader cryptocurrency rally

on Aug 31, 2017
Updated: Mar 11, 2020

The Ripple price (XRP/USD) has risen more than 4% over the past 24 hours amid a broader cryptocurrency rally. While all of the top 10 digital currencies are currently in the positive territory, XRP has been one of the bigger gainers.

The fourth-largest cryptocurrency on the market has advanced despite relatively thin trading volumes. Just over a week ago its daily trading volume surpassed $1 billion for the first time, driven by growing demand in South Korea, but the market activity has cooled off in the past few days. According to data from Coinmarketcap, Ripple’s 24-hour volume currently stands at $186.2 billion.

The market activity is mainly driven by South Korean exchanges, with Bithumb accounting for nearly 37% of total trading volume. It’s followed by Coinone and Korbit with 18.6% and 12%, respectively.

In other XRP news, Arabian Business recently reported that the UAE Exchange was in talks with Ripple over a potential partnership to streamline payments. The UAE Exchange, which is one of the oldest remittance houses in the UAE, wants to use Ripple’s distributed ledger technology to introduce real time, cross-border payments.

Ripple’s technology already has a presence in the region. Early this year it was implemented by the National Bank of Abu Dhabi, which is the largest lender in the emirates.

In today’s trading, the Ripple price stood at $0.229, as of 10:59 BST. The cryptocoin has gained 4.5 percent over the past 24 hours, according to data from Coinmarketcap. It currently has a total market capitalisation of $8.78 billion.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.