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XRP has risen in price by 14%. What is the reason?

XRP has risen

XRP has risen in price by 14%. What is the reason?

On Wednesday, July 28, the price of the XRP token at the moment reached $ 0.74, which corresponds to a monthly maximum. Asset quotes rose by 14%.

At the time of writing, the token is trading at $ 0.71 on the BitXmi crypto exchange.

The price rise came amid the expansion of Ripple in the Asia-Pacific region. The company announced the launch of a Japan-Philippines payment corridor based on its On-Demand Liquidity (ODL) solution, which uses XRP as a bridge between fiat currencies.

Ripple’s partners were SBI Remit, a money transfer provider, SBI VC Trade, a Japanese group of companies SBI Holdings, and a Philippine bitcoin payment service Coins.ph.

According to Ripple’s estimates, Filipino expats living in Japan send home about $ 1.8 billion annually. The Philippines is the third-largest destination in the Land of the Rising Sun in terms of remittances.

The company also noted that the cost of remittances from Japan (commission 10.5%) is almost twice the average for the G7 countries and Russia (5.92%).

Ripple has strong support from the Japanese community. The company has a long-standing cooperation with SBI; XRP tokens are also used by the financial holding Nomura.

The Japanese FSA views XRP as a cryptocurrency, not security. SBI Holdings and Nomura have a similar opinion.

In December 2020, the SEC accused Brad Garlinghouse’s company of selling unregistered securities under the guise of XRP tokens to retail investors. The parties have not yet resolved the conflict.

Garlinghouse previously said that due to excessive regulatory pressure on the cryptocurrency industry, Ripple could leave the United States. He named Great Britain, Switzerland, Singapore, and Japan as possible countries for relocation.

Recall that in March, Ripple acquired 40% of the Asian company Tranglo, which specializes in cross-border payments.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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