On the whole, the cryptocurrency world seems to be working towards a recovery since last week’s major correction in almost all digital currencies. One altcoin, in particular, Ripple (XRP), has been recovering better than them all, including Bitcoin. Ripple has experienced an increase of over 26% during today’s trading and is currently sitting at $1.40, according to Coinmarketcap (compare that to Bitcoin’s decrease of 7% or Ethereum’s decrease of 3%).
The price increase for XRP tokens has been attributed to Ripple’s announcement that SBI Ripple Asia has partnered with several major Japanese credit card issuers, including Credit Saison (OTC:CSASF), JCB, and Sumitomo Mitsui Card. The intent of these partnerships is to streamline operations and reduce credit card fraud. Despite the lack of details on the dealings, Ripple’s price has managed to increase faster than any of the other top ten cryptocurrencies currently being traded on the market.
Ripple is a strong contender in the Asian market, with more than 43% of all XRP volume being traded on South Korean exchanges (Bithumb alone accounts for $605 million worth of daily XRP trading). The news of it becoming connected with well-known Japanese credit card issuers further entrenches the cryptocurrency within that market.
Will Ripple continue to benefit where other cryptocurrencies currently aren’t? Based on its 68% increase for the week (compared to the 2% increase other digital currencies are generally seeing), it stands to reason that yes, it will. However, one week is only one week, and a lot can change over the course of a cryptocurrency’s lifespan, as has been seen with Bitcoin, which soared from $8,000 to $20,000 then fell to nearly $10,000 before attempting its climb back up, currently resting now at $15,000. Ripple may currently hold a small-time majority in the Asian market space, but in the international sphere, Ripple is even smaller fish still trying to create waves. Ultimately, I believe it will be tied to the fate of other cryptocurrencies, even if it isn’t at the moment; if they fall, Ripple likely will be soon to follow.