The price of ripple has risen for 30% just during little bit more than a week. This was caused mostly by the growth of RippleNet, the network of the startup enterprise. Moreover, the next week is expected a “Swell” conference of the company, during which the company is supposed to make an important announcement, which shall boost the growth of Ripple in value.
XRP, the native currency of the Ripple Consensus Ledger (RCL), cost at the end of the previous month 0,198 USD, though already on the 4th of October, when Korean traders started their rally, the XRP price started climbing and reached 0,279 USD by the 8th of October.
Nowadays, XRP is traded for 0,261 USD, which has given the cryptocurrency a market cap of 10 bln of US dollars.
Besides the conference influence, Ripple is expecting to expand its presence in banking sector and for that, the company has focused on Asian market. For instance, Ripple has opened offices in India and Singapore. These activities also boost the price growth of XRP.
Though, traders shall be aware of one more thing: XRP demand is mostly concentrated in Korean markets while in other countries this digital currency is not so popular. Hence, from one side the efforts of the company to expand its presence in Asian market can be regarded as a positive trend, while the concentration rather in one currency pair would seem rather bothering.