XRP attracted attention in the crypto market with a surge in whale activity and recent events. On-chain data revealed a notable transfer of over 46 million XRP to centralized exchanges by a single whale. However, this surge in whale movement coincides with XRP’s price decline, currently down by 0.51% in the last 24 hours, trading at $0.6053. Additionally, the token experienced a slight decrease of 1.06% over the past week and a 4.28% dip over the month.
500+ Partner’s And Counting…Time Replace Old Methods
At a recent Ripple Payment Roadshow organized by the Australian Trade & Logistics Corporation in Melbourne, Fiona Murray, Ripple’s VP of Sales in APAC, unveiled an eye-opening insight: Over 500 companies are actively partnered with Ripple, using XRP as a bridge currency for international transactions. With this, can we say if Ripple needs the US?
During the event, Murray highlighted Ripple’s dedication to making things practical. She emphasized how Ripple’s technology, especially the XRP Ledger (XRPL), is tailored specifically for quick and efficient payments. What makes this all click? Well, it makes the process as smooth as your morning coffee run. Several see this as a perfect replacement for US CBDC initiatives. Recently, the Fed received 111 queries supporting XRP as a simplified payment method—a call for a digitally-enabled era.
Mention of the OG partners?
Among the 500-plus entities teaming up with Ripple, many, including major financial institutions, employ XRP for smooth cross-border transactions. While Murray didn’t name names, Ripple’s partnerships with big players like Bank of America showcase its impact in the industry.
Ripple’s been flexing its muscles in the payment scene, teaming up with major players like MFS Africa (now Onafriq), showing off its On-Demand Liquidity as Ripple Payments. This makeover isn’t just a cosmetic touch-up; it’s a user-friendly upgrade while keeping its essential features intact. It uses XRP to settle transactions between different currencies seamlessly. However, many experts see this event as a positive factor in pumping the XRP price to a new ATH.
Can XRP Hit $1?
XRP’s outlook hinges on key levels: a breakthrough above $0.6177 would likely propel it toward $0.640, paving the way for a potential climb to $0.6646. However, failing to sustain above $0.6177 might lead to a downward trend, testing support at $0.5962, possibly dropping to $0.5730. Notably, the scenario rests on the significant trend reversal; XRP could face a substantial correction, potentially testing critical support at $0.5374 in the upcoming days. The immediate movement largely depends on whether the bulls or bears seize market control.
This strategic rebranding aligns with Ripple’s goal to attract new U.S.-based corporate clients, especially those without a transmitter license, ensuring that global transactions are hassle-free for everyone involved.
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