Santiment Says XRP Address Activity and Network Growth Could Push Rally Further

Sahaj  |  Aug 13, 2021

The price of the native currency of Ripple, XRP, has surpassed the $1 mark over the last 24-hour period following the announcement regarding GME Remittance joining RippleNet. Santiment, a data analysis firm, has recently predicted that with one of the largest non-bank remittance service providers in South Korea joining RippleNet, the price of XRP can rise further.

RippleNet Joins GME Remittance, Santiment Suggests XRP Price Might Rise

In accordance with the data revealed from the official website of Ripple, RippleNet offers “Connections to hundreds of financial institutions around the globe via a single API and makes the shifting of money faster, cheaper, and more reliable.” It does so along with leveraging the XRP token to source liquidity during cross-border transactions through its On-Demand Liquidity (ODL) service.

It should be noted that GME Remittance has established a connection with Siam Commercial Bank, the largest bank in Thailand using this service.

After the announcement, the traders turned seemingly bullish on the XRP token as the price of the cryptocurrency was seen surging to around 18% after the publishing of this news.

Santiment tweeted in favor of XRP and said that the price of XRP may keep on rising after decoupling from Bitcoin and other major cryptocurrencies.

Use of Cryptocurrency Via RippleNet Increasing over Time

As reported last month, Ripple started tapping into the approximately $2 billion a year remittance market between Japan and the Philippines through the use of ODL and the XRP token.

In addition to this, it should be noted that the average daily trading volume of the XRP token has risen in the second quarter of the year regardless of the ongoing legal issues of the firm with the Securities and Exchange Commission of the United States.

A report officially published by Ripple earlier this month revealed that the daily trading volume of the cryptocurrency doubled to $4.49 billion per day on average.

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