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Ripple prices spike after announcing that it is launching a Dubai office

The third highest cryptocurrency Ripple has seen a price hike of over 13% following an announcement made at the Global Islamic Economic Summit 2018.

In the wake of Bitcoin Cash’s recent price surge, it seems as though Ripple is ready to rock the cryptoboat with a 13% price spike.

The flurry of activity could be attributed to the announcement that the firm made at the Global Islamic Economic Summit 2018. At the conference, Ripple announced plans to open a new office in Dubai in addition to the current offices in San Francisco, New York, and Sydney. Dilip Rao, Ripple’s Global Head of Infrastructure Innovation, spoke at the conference, commenting on how he thinks the United Arab Emirates (UAE) is an important location to factor in when considering 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.”

He continued to discuss the company’s focus, which is on cross-border payments:

“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.”

This concept was also made the star of Ripple’s new commercial advertisement which points out how difficult international payments can be.

The XRP/USD trading pair has been bouncing between $0.40 USD and $0.48 USD since the price dip at the beginning of last month. Since then, Ripple has been struggling to clear the $0.5000 USD before and this break could set the currency up for a bullish run if traders take the breach as a sign for investment.

At the time of writing, Ripple has seen a 13.20% price increase in day-on-day trading and is now trading at $0.524445 USD and is bearing a market cap of $21,085,578,538 USD.