Home Finance Ripple (XRP) Goes Over $1.00 After Partnering with the UAE Exchange

Ripple (XRP) Goes Over $1.00 After Partnering with the UAE Exchange

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After a couple of rough weeks, Ripple (XRP) has finally went over the $1 threshold. While this might not show a huge price increase for Ripple (XRP) investors, it does give them a confidence boost because getting over the $1 threshold is more of a psychological milestone. The cryptocurrency now sits on the third spot as the most valued digital token in terms of market capitalization with an overall value of more than $42 billion.

Price Analysis

If there’s one thing we know about the cryptocurrency market, it must be that steady price increases do not happen. Usually, cryptocurrencies skyrocket over night and then lose most of their value during the next day. Luckily, this is not the case for Ripple (XRP).

Everyone expected Ripple (XRP) to quickly drop after it went over the $1 price, but the exact opposite happened. Ripple (XRP) kept on growing until it reached $1.2268. This happened on Friday (February 9th) and it showed a 70% price increase in comparison with the all month low of $0.57.

Ripple (XRP) Partners with UAE Exchange

There are many reasons why Ripple (XRP)’s price surged, but the most important one is Ripple (XRP)‘s partnership with the UAE Exchange. In case you didn’t know, the UAE Exchange is regarded as the biggest payment operator in the Middle East.

Moreover, the UAE Exchange is known for working with numerous financial institutions that already support and use the XRP token. This opens up the space for more investors to join Ripple (XRP)’s community and to purchase stocks which increase the price tag for XRP.

“The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple” said Promoth Manghat who is the CEO of UAE Exchange Group.