Why Is XRP Ripping Up Today?

XRP XRP/USD, the cryptocurrency associated with Ripple Inc., traded 10.3% higher at $0.8975 over 24 hours at press time early Wednesday.

What’s Moving: The token’s gains comes even as the rally in some other major cryptocurrencies simmered down Tuesday night.

XRP moved up 8.1% and 6.4% against Bitcoin BTC/USD and Ethereum ETH/USD, respectively.

The Ripple cryptocurrency has surged 22.46% over a seven-day trailing period. On a year-to-date basis, XRP is up 278.9%.

See also: How To Buy Ripple (XRP)

Why Is It Moving? The surge in XRP’s price comes as Ripple said that Global Money Express Co. Ltd (GME Remittance), one of South Korea’s largest non-bank remittance service providers, has joined RippleNet.

Through RippleNet, GME Remittance has linked with Thailand’s Siam Commercial Bank (SCB) to accelerate and scale payments from South Korea into Thailand.

Ripple is seeing strong customer momentum in Asia Pacific. The region is one of the fastest growing for the company, with transactions growing 130% year-over-year.

In late July, Ripple said it is launching RippleNet’s first On-Demand Liquidity service implementation between Japan and the Philippines.

XRP is the sixth largest cryptocurrency by market capitalization, as per CoinMarketCap data.

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

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Photo: Courtesy of QuoteInspector