The crypto market continues its rally across the board. Over the course of the week, each of the five largest crypto currencies rose in price, but the momentum is currently declining. The situation is different at Ripple (XRP): The price increased significantly in double digits on Wednesday alone. THE SHAREHOLDER names the details and gives an outlook.
Vitamin B only harms those who do not have one – that is the saying. The team from the Ripple network is aware of this wisdom and continues to diligently conclude new collaborations. The latest coup provided the latest fireworks display, as XRP was able to win one of the largest independent payment service providers from South Korea. With the partnership, GME Remittance wants to expand payment transactions between Korea and Thailand. The Asian region is already the strongest growth driver for XRP. The transaction volume there increased by 130 percent compared to the previous year.
We’re excited to partner with GME Remittance to accelerate and scale payments from South Korea into Thailand, building on the RippleNet momentum in APAC where transactions are growing 130% year-over-year. https://t.co/aDeceLNIZY
– Ripple (@Ripple) August 11, 2021
Current technical situation
The general rally among the top 5 cryptocurrencies started around three weeks ago, including XRP. The price of a coin rose at times by 112 percent. The Wednesday of yesterday stands out in particular, the price exploded by 23 percent after the announcement of the new cooperation. XRP is leading the rally of the top five Krypo-Coins.
Performance comparison top 5 cryptocurrencies
The price fireworks stopped last night near the multi-week high and the current resistance at $ 1.09. The profit-taking caused a setback of twelve percent. Consolidation may have bottomed early this morning. The price fell to $ 0.95 and recovered by five percent in the course of trading.
A strongly bullish sentiment and the positive news flow at XRP provide fuel for the current price fireworks. The Ripple network continues to grow and the new cooperation will further increase growth.
Note on conflicts of interest: The author holds direct positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: XRP.