XRP bulls have been fired up lately, pushing the price above $0.33 for the first time in so many agonizing months. This impressive move has been as a result of the growing bullishness in the crypto markets as well as new developments in the Ripple ecosystem.
The bullish case for XRP has been strengthened by reports that Ripple Inc., the San Francisco-based fintech startup behind XRP has been recognized by Forbes as the second most valuable fintech company in the United States.
Ripple Ranks NO.2 On Forbes Top 10 List
Forbes magazine recently compiled a list on Feb 12, ranking the 10 most valuable fintech companies in the United States. The publication noted that 2019 was especially a great year for fintech companies in the US with the overall venture capital funding hitting $18 billion. This was a significant increase from the $13 billion seen in the previous year.
Notably, Ripple was one of the fintech startups that enjoyed massive success in terms of VC funding. Towards the end of 2019, Ripple raised $200 million in a Series-C funding round, raising its total valuation to $10 billion. As a result, Ripple is now ranked as the second most valuable fintech company in the US. It is worth noting that Ripple held the fourth place last year with a $5 billion valuation. This year, Ripple has muscled out Coinbase and Robinhood to claim the second spot.
Forbes also noted that Ripple has now amassed over 300 clients that utilize its technology for cross-border payments, among them Standard Chartered, MoneyGram and Santander. As of now, MoneyGram processes 10% of the transactions between the US and Mexico via the On-Demand Liquidity (ODL) product that is powered by XRP.
Other New Developments In The Ripple Ecosystem
This comes alongside reports of a tie-up between Ripple and BRD crypto wallet. Following this partnership, XRP has been added to BRD wallets and will be accessible on iOS first then android.
This is great news for the XRP community because BRD boasts a customer base of over 3 million users based in 170 countries. Moreover, XRP will be the first cryptocurrency to be offered on BRD’s new enterprise-grade product, Blockset, which will help BRD better serve the needs of its users.
In addition, Ripple recently inked another partnership with the National Bank of Egypt which will use Ripple’s RippleNet for international payments.
At press time, XRP is changing hands at $0.335283 and is the best-performing asset in the top 30 with 12.67% gains in the last 24-hour period.