Ripple’s XRP makes a surging rise of 13% over the last 24-hours, which seems to have silenced many of the XRP’s detractors.
Much of the momentum behind the movement may be predicated on the announcements made at the Global Islamic Economic Summit 2018. During the conference, Ripple’s global head of infrastructure, Dilip Rao, revealed that the company will move deeper into the Middle East by opening an office in Dubai, which will supplement their current offices, operating in the US and Australia. Rao, spoke on the company’s plans to move into the United Arab Emirates (UAE) and how it pertains to the future of blockchain projects:
“I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring to you.”
Rao stated that many financial institutions throughout the Middle East have already implemented using XRP to process cross-border payments via the Ripple blockchain network.
“We now have three banks in Saudi Arabia, two in Kuwait… one in Bahrain, one in Oman… a couple in the UAE [United Arab Emirates]… and it really is out fastest growing marketplace.”
“Our focus initially is on cross-border payments because we think that’s where there is the most friction. In this part of the world, there is a huge requirement for cross-border transactions. This will support the economy both within the region and the rest of the world.”
Ripple’s plans that already in motion to expand into the Middle East coupled with the current announcement, has seen XRP break past $0.50 price level and now we can only wait and see if it will stay above water.