San Francisco-based blockchain company Ripple has expanded the reach of its Ripple payments network, offering services in more than 70 markets.
This development is part of Ripple’s efforts to leverage blockchain technology to optimize the efficiency of cross-border payments.
Ripple’s strategic expansion
Ripple’s move comes as more than 80% of leaders expect to integrate digital assets into their operations within three years. Ripple Payments aims to facilitate this shift by providing blockchain-enabled solutions to simplify cross-border payments.
The network expansion, detailed at Ripple’s Swell conference, demonstrates the company’s commitment to adapting and serving enterprise payment needs across different regions and currencies.
Ripple has obtained the necessary regulatory approvals, including money transfer licenses in various U.S. jurisdictions, and approval from the Monetary Authority of Singapore to operate in these territories.
As mentioned above, customers can now access global payments coverage in more than 70 markets through a single onboarding process.
Ripple and Onafriq create new remittance corridor
Ripple has partnered with fintech company Onafriq to open new remittance corridors between Africa and the GCC, the UK and Australia.
This collaboration uses Ripple Payments technology to solve common problems in cross-border payments, such as transfer delays and high costs, and is expected to improve the remittance process in Africa.
Onafriq plans to use Ripple’s technology to connect its extensive mobile money network, which includes more than 500 million mobile wallets across Africa.
The partnership aims to facilitate more efficient and cheaper remittances and business payments on the Onafriq network to 27 countries.
XRP and golden cross
XRP, the fifth-largest cryptocurrency by market capitalization, has a golden cross printed on its daily chart. XRP’s 50-day moving average (MA) has broken above the 200-day MA, confirming a pattern known as a “golden cross” – a bullish indicator.
XRP has seen its second golden cross on the daily chart this year, which appears to be a rare occurrence. The last time this happened was in April this year.
XRP/USD daily chart. Source: TradingView
XRP’s golden cross occurred shortly after it formed a death cross in late September. Historically, the XRP death cross usually signals a major or intermediate bottom; this was the case when buyers bought in at the October 19 low of $0.47 and XRP began to rise.
XRP outperformed Bitcoin and other major cryptocurrencies on Monday, rising as much as 15%. This past week’s four-day bull market reached a high of $0.732 on November 10.
At press time, XRP was trading at around $0.69, up 0.69% in 24 hours, erasing some of the previous day’s gains.
Traders and analysts often interpret golden crosses as a sign of an impending rally. Therefore, the current golden cross may attract additional buying pressure from traders paying attention to market trends, leading to further price increases.
However, it should be noted that a golden cross is not the Holy Grail, as traders can get into trouble when the market is overbought at the time and need to adjust before the crossover occurs.
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