News has emerged that Japan's financial group, SBI, has increased its investment in Ripple, causing Ripple to surge over 10%.
As of 7 a.m. on the 2nd, Ripple is trading at $2.31, up 10.48% from 24 hours ago, according to CoinMarketCap, a global coin market tracking site. This is the first time Ripple has surpassed $2.3 since the 27th of last month. Bitcoin is trading at $94,674, an increase of 1.34% from 24 hours ago.
CoinDesk, a cryptocurrency news outlet, analyzed that Ripple's price increase is due to SBI's expansion of its investment. SBI owns 8% of the equity of Ripple Labs, the issuer of Ripple, and it is known that Ripple-related investments amount to 1.4 trillion yen (about 1.47 trillion won). This amount exceeds SBI's market capitalization of 1.2 trillion yen.
SBI is one of Japan's largest financial groups and the largest venture capital and private equity firm in Asia. CoinDesk analyzed that Ripple has created the opportunity to potentially exceed $2.55. The all-time high for Ripple is $3.84.