Ripple price has been increasing continuously over the past 24 hours so much so that it has overtaken Bitcoin Cash to become the third largest cryptocurrency with a $51 billion market cap.
Bitcoin continues to rule the market cap charts followed by ethereum placed second. After a short upward trend, the cryptocurrency market experienced another round of correction with price of every major cryptocurrency declining expect for Ripple.
Earlier today, the entire cryptocurrency market experienced a major correction, as nearly every cryptocurrency in the market with the exception of a few declined in value by more than 10 percent. Bitcoin, Bitcoin Cash, and Litecoin have declined by around 11 percent.
Ripple on the contrary surged by 7 per cent and even managed to register a record a daily gain. Analysts believe that the price surge in Ripple is partly due to South Korea and partly because of newly formed partnership between SBI Holdings and major credit card companies in Japan.
SBI Holdings is a large-scale financial service company in Japan that operate a variety of businesses such as banks and schools. SBI Ripple Asia, a joint venture created by SBI Holdings and Ripple, created a consortium of Japanese credit card companies to test, implement, and deploy blockchain-based solutions of Ripple.
The South Korean cryptocurrency exchange market is pushing the price of cryptocurrencies concentrated in the South Korean market in terms of daily trading volume with substantially high premiums.
Ripple is one of the few cryptocurrencies concentrated in the South Korean market, and investors have become increasingly optimistic in regards to Ripple’s long-term growth trend given the partnership between South Korean banks and Japanese banks to process payments on the Ripple blockchain network.
If Ripple continues to add more banks and large-scale financial institutions on its network, the transaction volume and user activity of the Ripple blockchain will further increase, driving its price upwards.