Ripple (XRP) Soars 18%: Binance Futures Launches XRP/USDT Contract

Ripple

Even when the crypto space enjoyed a sustained rally in the first of 2019, XRP seemed to lag behind considerably, and much of the blame for that had been placed at the door of the company Ripple. However, things seemed to have gone off to a rather good start for XRP in 2020, after it surged considerably over the past two days.

While it is true that there were gains in the wider cryptocurrency space, it should be pointed out that XRP emerged as the biggest gainer in the market and surged by as much as 18% since Monday—and, there seems to be one very specific reason why XRP is climbing.

Key Drivers

As everyone knows, the rise in the price of a cryptocurrency is directly related to the number of exchanges in which its trading pairs exist. In that regard, XRP got a major boost recently. In a fresh development, Binance announced that that it is going to introduce a new trading pair involving the stablecoin Tether and XRP. Considering the fact that Binance is the biggest crypto exchange in the world, it is a big deal for XRP, and it can be said that the tide has turned a bit for Ripple.

One of the most important aspects of XRP is that it is a cryptocurrency with a genuine use case, and while Ripple has signed up many clients for pilot tests, last year, it reached a formal deal with Moneygram.

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The aim of the deal was to speed up the remittance process for Moneygram, and on Monday, a report confirmed that the usage of XRP has sped up that process considerably. It has been revealed that between December 1 and December 25, the number of transactions completed by Moneygram soared considerably. The transaction volume rose by as much as 70% year-on-year, and that reflects the effectiveness of the Ripple products.

Featured image: DepositPhotos © rastudio

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