XRP trades up again thanks to more signed contracts

All weekend, the XRP price has hovered around the $0.50 — $0.52 mark, and according to today’s pricing it has gained o.19% on the day, 0.96% on the week and 20.52% on the month, as reported at Cointelegraph.

It could be said that 2018 has been a relatively good year for XRP and it does appear to have a growing number of bullish supporters. Although the push to get it past the $0.55 level didn’t happen as hoped, there is still room for cautious optimism.

Some of the enthusiasm may be attributed to renewed reporting about the contract Ripple Labs signed with the National Bank of Kuwait. Although this was signed in May, there is currently more coverage of the bank’s use of RippleNet. As JP Buntinx says at The Merkle, “No official news has been released in this regard, but it is evident there are plenty of potential consequences regarding this partnership.”

And, in the United Arab Emirates (UAE) it would appear there is a new partnership between the UAE Exchange and Ripple as both endeavour to promote smoother cross-border payments. As part of the agreement, the UAE Exchange will become the first money transfer business in the Middle East to promote real-time settlement solutions.

This is good news for Ripple Labs and XRP owners. As is the news that Cred, a provider of cryptocurrency-backed lending services, is currently in the process of collateralising its loans with XRP. This is seen as a valid use case for XRP and one that has a strong potential to drive higher adoption. XRP tweeted that Cred had secured a $50 million global credit facility to lend against XRP as collateral for US dollars. Cred has over $300 million in credit facilities. Mike Arrington, Founder of Arrington XRP Capital and well-known Ripple investor said, “Cred is successfully building the next generation of lending and earning products and their recognition of XRP as an asset class is important.”

It certainly looks like XRP is worth keeping a watchful eye on!