Even though the overall cryptocurrency market is still in a downward trend, Ripple keeps growing its foothold in Europe.
The cryptocurrency payment firm signed deals with businesses in Sweden and France. Ripple announced that it had inked an agreement for its “On-Demand Liquidity” (ODL) system with two firms, namely Lemonway, a Paris-based regulated payments provider, and Swedish money transfer provider Xbaht.
According to Xbaht CEO Michael Andersen, his firm is excited to work with Ripple as the partnership will make Xbaht’s remittance system run more smoothly. The firm “Xbaht” is focused on remittance payments between Thailand and Sweden.
Furthermore, the COO of Lemonway, Jeremy Ricordeau, also stated that collaborating with Ripple would help the company’s processes be more efficient and streamlined.
“We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. […] This is why we have become the partner of choice for enterprises looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability, and excessive cost,” said Sendi Young, Ripple’s Managing Director for Europe.
Ripple’s aggressive growth and expansion plans
Despite the fact that almost the whole crypto market is continuing its bearish trend, Ripple Labs is looking for growth opportunities and is making steady progress with consistent effort. As per the announcement made by the firm, Ripplenet, a network of banks and payment providers that uses Ripple’s blockchain to enable international payments, currently has an annual payment volume of over $15 billion. The company’s ODL also increased by nearly 900% year over year.
Additionally, Ripple has also been actively recruiting, intending to hire more than 300 people by the end of 2022. The firm currently lists more than 100 open positions on its website.
Furthermore, Ripple may also be interested in the assets of the bankrupt cryptocurrency lender “Celcius”. A representative for the company told Reuters that in order to scale the business, Ripple is searching for M&A opportunities. The court granted the representation request made by Ripple attorneys in the bankruptcy proceedings involving Celcius, which was made in early August.
Ripple is continuing to develop and thrive despite the current bear trend in the crypto market. But despite huge increases last week, Ripple’s XRP coin, unfortunately, has started declining.
XRP plummeted over 11% in less than 2 days
On October 10, XRP prices started to decline following a seven-day bull run that saw prices rise to over $0.55 before reversing course. The altcoin’s uptrend, however, stalled when it began the week beginning October 10 and lost 7.3% of its gains on Monday.
The XRP value 200-day exponential moving average (green wave) and the 20-day exponential moving average (red wave) appeared ready to cross each other, forming the bullish pattern known as the golden cross. However, the downtrend made the 20-day EMA trendline turn flat and run parallel to the 200-day EMA.
The 20-day EMA trendline may rise once again and form the pattern if XRP bulls are successful in driving up prices. The token might therefore rise to challenge resistance close to $0.51. The XRP price may increase to resistance near $0.54 before falling if there is a break over the nearby resistance.
On the other hand, if the downward trend persists, XRP prices may be forced to test the support provided by the convergence of the 20-day EMA and 200-day EMA near $0.47. If the XRP value goes below immediate support, the currency might drop 7.6% to $0.44 before prices rise again.
On the daily charts, the relative strength index for XRP is neutral, reading 55.83 at the moment. On October 10, the overbought barrier caused the RSI trendline to reflect, indicating that traders were actively montoring the RSI levels.
This story has been published by CoinChapter.com that covers Bitcoin, Ethereum, Stock, World and other altcoin news. The information contained in this article is for only informational purposes. It does not present any investment advice nor does it serve as a substitute for individual investment.’
