XRP Cheers Ripple’s Japan-Philippines Corridor as Bitcoin Breaks Above $40K Ahead of Fed

XRP Cheers Ripple’s Japan-Philippines Corridor as Bitcoin Breaks Above $40K Ahead of Fed

XRP, a cryptocurrency used by Ripple in its payments network, rallied to a five-week high on Wednesday after the company said it is targeting the $1.8 billion Filipino Remittance Corridor. 

The cryptocurrency changed hands at $0.74 during the European hours, hitting the highest level since June 21 and representing a 13% gain on the day, according to CoinDesk 20 data. 

Buyers stepped in around $0.65 after Ripple announced that Japan's money-transfer provider SBI Remit, Philippines mobile-payments service Coins.ph and crypto exchange SBI VC Trade have teamed up to carry remittance payments from Japan to the Philippines using Ripple's on-demand liquidity (ODL) service.