XRP has been on a monumental rally over the past few weeks, surging over 40% since mid-October. The price boom comes as Ripple has notched major adoption and legal victories, renewing confidence in the payments-focused cryptocurrency.
Keypoints
- XRP’s market capitalization increased by over $2 billion to $37.44 billion on November 8 following news of Ripple’s payment network expansion.
- Ripple is partnering with fintech Onfariq to open new payment routes between Africa, the UK, Australia, and Gulf countries. This will enable faster and cheaper remittances.
- The partnership highlights Ripple’s growth and resilience after its legal win against the SEC, which dropped charges against Ripple executives.
- Besides the Onfariq deal, Ripple has also gained major payment licenses in Singapore and multiple US jurisdictions.
- With legal troubles behind it, Ripple can now focus on expanding adoption of its payments network and XRP.
Much of XRP’s meteoric rise has occurred in November following a string of positive announcements from Ripple. The San Francisco-based firm has aggressively expanded its global payments network through new partnerships and product launches.
Most notably, Ripple has collaborated with African fintech Onfariq to open several new payment corridors connecting Africa with Europe, the Middle East, and Australia. This will enable faster and cheaper remittance flows into Africa leveraging Ripple’s blockchain technology.
Beyond the Onfariq deal, Ripple has also upgraded its core payments product RippleNet, now rebranded as Ripple Payments. The new offering is tailored to help mainstream companies integrate crypto-enabled payments.
Introducing Ripple Payments—the next evolution of Ripple’s payments product delivering a licensed end-to-end solution for FIs and SMEs with 70+ payout markets, expanded crypto liquidity options, integration with the XRP Ledger DEX, and much more.https://t.co/khOxtCnXin
— Ripple (@Ripple) November 8, 2023
Moreover, XRP was approved for use in Dubai’s financial district, while Ripple secured a national digital currency project with the Central Bank of Georgia. These milestones showcase the ongoing adoption of Ripple’s solutions.
Underpinning the surge is a pivotal legal victory Ripple won against the SEC in July. A judge ruled that XRP was not an unregistered security when sold to retail investors, removing a dark cloud that had depressed prices.
With the lawsuit against its executives also dismissed in October, Ripple is free to focus on expanding without legal distractions. The company looks poised to leverage its technology to make XRP a standard for global payments.
Given the string of positive developments, the bullish sentiment around XRP is likely to continue. The payment token still has tremendous upside potential as Ripple penetrates more financial institutions. Investors can expect XRP to continue outpacing the broader crypto market.
