On Wednesday, XRP, the world's sixth largest cryptocurrency, saw massive retail demand after Global Money Express (GME Remittance) declared that the company had joined RippleNet, Ripple's worldwide financial system.
According to Coinmarketcap, XRP surpassed the $40 billion market cap on August 11 when its price reached a high of $0.90. XRP has gained approximately 10% in the last 24 hours, making it one of the top ten performing digital currencies.
XRP's price has risen by more than 25% in the last seven days.The cryptocurrency now represents nearly 2% of the total market capitalization of digital currencies. XRP has increased by approximately 300 percent since the beginning of 2021.
Ripple's recent partnership has played a significant role in the price increase of XRP. The blockchain company stated that the latest partnership with GME will increase RippleNet adoption in Asia.
GME Remittance is among South Korea's leading non-bank remittance service providers, which is now linked to Siam Commercial Bank (SCB), Thailand's biggest bank in terms of market capitalization, thanks to its participation in RippleNet.
“We picked Ripple as our partner because RippleNet allows us to expand into new countries with new partners in as little as 1-2 weeks. This has drastically reduced the time to market and provides us with an edge compared to our competitors,” Subash Chandra Poudel, Director and COO at Global Money Express Co. Ltd. (GME Remittance), said in the recent announcement.
In 2021, Ripple will create many collaborations to boost the adoption of RippleNet and XRP. Ripple announces a cooperation with Japan's SBI Remit and the Philippines-based Coins.ph for the release of RippleNet's first live On-Demand Liquidity (ODL) service implementation in Japan during the final week of July 2021.