XRP, the world’s 6th largest cryptocurrency, saw immense retail demand on Wednesday after Global Money Express (GME Remittance) announced that the company has joined RippleNet, the global financial network of blockchain firm, Ripple.
According to Coinmarketcap, XRP jumped above the market cap of $40 billion as the price of the cryptocurrency touched the high of $0.90 on 11 August. XRP is now up by approximately 10% in the last 24 hours, making it one of the best-performing digital currencies among the top 10.
In the last seven days, the price of XRP increased by more than 25%. The cryptocurrency now accounts for nearly 2% of the total market cap of digital currencies. Since the start of 2021, XRP is up by approximately 300%.
Ripple’s recent partnership has played a major role in the price jump of XRP. The blockchain company mentioned that the latest partnership with GME will increase the adoption of RippleNet in Asia.
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GME Remittance is one of the largest non-bank remittance service providers in South Korea. Through the joining of RippleNet, GME Remittance is now connected to Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capitalization.
“We chose Ripple as our partner because with RippleNet we can launch into new countries with new partners within 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors,” Subash Chandra Poudel, Director and COO at Global Money Express Co. Ltd. (GME Remittance), said in the recent announcement.
Adoption of RippleNet and XRP
Ripple has formed several partnerships in 2021 to increase the adoption of RippleNet and XRP. During the last week of July 2021, Ripple announced a collaboration with Japan’s SBI Remit and the Philippines-based Coins.ph for the launch of RippleNet’s first live On-Demand Liquidity (ODL) service implementation in Japan.
In its recent XRP Market Report, the San Francisco-based blockchain company reported a surge in demand for XRP during the first three months of 2021.