Why Is XRP Cryptocurrency Shooting Up Today?

XRP XRP/USD, the token associated with Ripple Inc, traded 7.59% higher at $0.75 over 24 hours at press time on Thursday.

What’s Moving? XRP moved up 6.05% and 1.14% against Bitcoin BTC/USD and Ethereum ETH/USD, respectively. 

The Ripple cryptocurrency has shot up 25.49% over a seven-day trailing period. On a year-to-date basis, XRP is up 217.4%.

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Why Is It Moving? On Wednesday, Ripple said it was launching RippleNet’s first On-Demand Liquidity service implementation between Japan and the Philippines.

Announcing our newest On-Demand Liquidity corridor in (drumroll please…) JAPAN ! https://t.co/xiHXnYjo6z

— Ripple (@Ripple) July 28, 2021

The move would allow Ripple to tap into the nearly $2 billion a year remittance opportunity between the two countries.

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Social media interest in the coin has spiked on the news with XRP trending at the second spot behind Bitcoin in terms of mentions on Twitter Inc’s TWTR platform, as per data from Cointrendz.

XRP was also trending at the third spot on Stocktwits’s list of 10 trending streams at press time.

Ripple is embroiled in a legal war with the U.S. Securities and Exchange Commission and secure a crucial win in April over the latter. 

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