Cryptocurrency
Cryptocurrency
XRP price (XRP/USD) surges as Ripple acquires Iceland-based business
The third-largest digital currency on the market, XRP, has been one of the standout performers in today’s session, which has seen most major coins bouncing back after recent losses.
The digital coin had a disappointing session yesterday, but it managed to minimise its losses for the day. The coin spent the better part of the session moving on a downward trajectory, with its price falling to as low as $0.237 in the early afternoon session. However, the coin managed to bounce back in the final hours of the session, which allowed it to close at $0.241. This was slightly lower than the coin’s opening level of $0.242.
Having avoided heavier losses on Sunday, the coin managed to hold above the $0.24 mark during the early hours of today’s session. Then, during the late morning trading the coin experienced a sudden surge that lifted its price above the $0.25 level. As a result, XRP hit a six-day high of $0.259, but it didn’t have enough momentum to break through the $0.26 mark.
The price jump came as Ripple, the San Francisco-based start-up that developed the XRP token, announced that it had acquired Icelandic crypto trading firm Algrim in an effort to further expand its operations in Europe. In a blog post published today, the company said that “[t]he new Icelandic team will play an integral role in the ongoing development of Ripple’s On-Demand Liquidity (ODL) product which utilizes XRP for production cross-border payments”.
“Iceland will serve as one of Ripple’s engineering hubs with plans to bring on more technical talent in the region,” Ripple added.
In today’s trading, the XRP price stood at $0.257, as of 15:45 BST. The digital currency has gained 8.1% over the past 24 hours, which makes it the best performer in the crypto top 10.
Featured image: Stanslavs / Shutterstock.com
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