This Wednesday, the FinTech startup announced that it had opened an office in Singapore as part of its continuing plan to penetrate the Asian markets. The news had a great resonance in the cryptocurrency community, e.g. Ripple's price has increased significantly.
It's also noteworthy, that Ripple itself has been making a concerted effort to establish a significant footprint in the Asian banking sector recently. Thus, the company opened an office in India, as well as a base in Singapore.
Now, the Ripple price has begun growing. According to coinmarketcap.com data, following Wednesday’s 9% rally, the Ripple price has climbed to $0.204. Ripple now has a market cap of $7.8 billion which has enabled XRP to come back into the 3rd-place position in the market cap rankings, leaving Bitcoin Cash behind.
XRP on coinmarketcap.com
On top of that, the vast majority of Ripple trading is concentrated on the three Korean exchanges that list XRP pairs, as cryptocoinsnews.com details.
XRP trading volume chart on coinmarketcap.com
As shown, Bithumb’s XRP/KRW pair accounts for more than half of Ripple’s daily volume, and traders on Korbit and Coinone added another $57 million of liquidity to that currency pair.