RATE Group | XRP Erupts On Ripple’s Icelandic Acquisition
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XRP Erupts On Ripple’s Icelandic Acquisition

01 Oct XRP Erupts On Ripple’s Icelandic Acquisition

Posted at 01:34h in Cryptocurrency News by

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XRP prices have surged following news that Ripple has acquired Algrim, a cryptocurrency trading firm based in Iceland. The token had previously been trading near the $0.24 mark, following the the sudden sell-off early last week.

That changed at approximately 09:00 GMT Monday when XRP began to rise, peaking at nearly $0.26 per token at around 13:00. That two-cent gain amounts to nearly a billion-dollar increase in market capitalization.

At the time of writing, XRP was trading at $0.257, up 8% from this morning’s price.

SIMETRI Research

XRP price over the past 24 hours
A lot can change in a day. Source: CoinMarketCap

 

The surge coincides with today’s announcement that Ripple has acquired the Icelandic cryptocurrency trading firm, Algrim Consulting. The acquisition – for an undisclosed sum –  will see all six of Algrim’s engineers join Ripple to work on the company’s RippleNet product suite from their offices in Reykjavik.

According to Amir Sarhangi, Ripple’s VP of Products, the team was chosen for its proven…

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