The presence of an XRP pair with the Iraqi dinar on a forex platform has triggered bullish speculations of the growing prominence of XRP in Iraq.
Amid the U.S. SEC’s lawsuit against it, XRP continues to transcend the borders of the United States, rapidly expanding its prominence to several countries. Most recently, proponents believe this growing prominence might be extending into the Middle Eastern country of Iraq.
Pseudonymous Chartered IT Professional and XRP community member Boncryp triggered this wave of bullish speculations following a recent tweet pertaining to XRP’s popularity.
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*You can clearly see #XRP Paired with #IQD in a #forex site.
*After two decades #Iraq is at last showing signs of recovery, #Baghdad, the capital, is creating a New Central Bank (#CBI) Headquarters. #XRPCommunity pic.twitter.com/Gaz5K5piiZ— Boncryp Digital Asset Advocate (@boncryp) July 4, 2023
The individual called attention to a pair on a forex trading platform featuring XRP against the Iraqi dinar (IQD). Highlighting this, Boncryp pointed out that the Iraqi government is leaning towards embracing financial inclusion for its populace.
Notably, our findings revealed that the platform in question is Barchart.com, a leading financial data firm that offers a wide range of services related to financial markets and investing.
Barchart boasts a comprehensive suite of financial market data, including quotes, charts, technical indicators, and market analysis. As a result, the existence of an XRP/IQD quote is not surprising. The platform also hosts IQD quotes against other crypto assets such as BTC and ETH.
XRP Continues to Penetrate Iraq
The presence of the XRP/IQD pair on a forex site like Barchart.com might not mean much. However, it suggests increasing recognition of XRP in the crypto market, potentially expanding its market reach, diversifying trading opportunities, and indicating institutional interest in regions where the IQD is widely used.
Cryptocurrencies have continued to penetrate the heart of Iraq despite the government banning them in 2017. The presence of brokers such as Kurdcoin has also allowed Iraqi residents to gain exposure to XRP and other crypto assets.
Moreover, The Crypto Basic disclosed in April that CoinMENA, a major exchange focusing on the Middle East and North Africa (MENA) region, had extended its scope to cover Iraq. CoinMENA’s expansion provided seamless access to XRP and other digital assets.
Amid this geographical penetration, XRP is gradually creeping into the Iraqi market. Google Trends data reveals a particular surge in XRP interest among Iraqi residents in late June.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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