XRP, the digital currency owned by Ripple, was given a boost this week after it started trading on the Dubai-based cryptocurrency exchange BitOasis.
XRP’s value, which has declined by around 70% since it hit an all-time high of $3.79 per token at the beginning of January, saw a brief resurgence to $1.42 on Monday after BitOasis trading commenced.
However, the rally was short-lived. By Wednesday, Ripple’s cryptocurrency had fallen to $1.15, with a market cap of $44.4 billion. Despite some debate over the 2018 xrp / ripple price prediction, many analysts are suggesting a $3 to $5 price range for the cryptocurrency in 2018.
Ripple’s demise over the last month has largely followed a general softening of the cryptocurrency market. Bitcoin is down 40% on its January high of $17,635, while Ethereum, which once again has the world’s second-highest market cap, is down 22% from a high of $1,431.
But XRP investors may take solace in news of new partnerships that Ripple has announced over the past couple of weeks. French Bank Crédit Agricole announced that it would trial Ripple’s blockchain technology to enable quicker cross-country payments. The test will run for six months and cover cross-border salary payments in Swiss Francs.
Meanwhile, the UAE-based National Bank of Ras Al Khaimah (RAKBANK) has said that it will partner with Ripple to enable instant payments to India.
Ripple’s XRP token is specifically built to enable faster cross-border payments.
More positive news for XRP investors came in the fact that Gregg Kidd, an early investor in Coinbase, a cryptocurrency exchange, has invested $58 million in Uphold, a new online exchange. Part of that investment is specifically earmarked for bringing Ripple onto the trading platform.