According to Cassie Craddock, Ripple’s Managing Director for the UK & Europe, the partnership is a milestone for Ripple’s European expansion. “By linking our payment networks in Portugal and Brazil, we’re enabling faster, cost-effective cross-border transactions while reinforcing economic ties between these key markets,” she stated.
XRP/USD
With Ripple already active in Japan-Brazil remittances, this latest deal signals further growth. Meanwhile, Brazil’s Central Bank is working with Chainlink and Microsoft to bolster digital payments, highlighting the region’s focus on blockchain-driven solutions.
Unicâmbio’s adoption of Ripple’s XRP Ledger will allow the company to reduce settlement times and costs, further enhancing its payment services. Given Brazil and Portugal’s $5.3 billion annual remittance flow, this could mark a significant shift in international finance.
XRP’s Market Reaction: Short-Term Gains, Long-Term Uncertainty
Despite the bullish fundamentals, XRP has struggled to sustain momentum. Over the past week, the cryptocurrency faced notable sell-offs, despite today’s 4.24% recovery to $2.49. The market remains cautious, with XRP’s network activity slowing down.
Historically, Ripple’s institutional deals haven’t always translated to immediate price surges. However, if this partnership proves successful, it could strengthen XRP’s utility as a bridge currency. Long-term adoption of Ripple’s technology by financial institutions could drive real-world demand for the token.
For now, investors are closely watching trading volume and whale activity, looking for signs of a broader trend shift.
XRP/USD Technical Analysis – February 11, 2024
XRP is showing bullish momentum after breaking out of a descending trendline, now trading at $2.49. The price has cleared the 50-day EMA at $2.43, a key indicator of a potential upward shift.
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Resistance Levels: $2.63, $2.78, $2.99
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Support Levels: $2.41, $2.27, $2.09
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Key Indicator: RSI above 50, MACD turning positive
If XRP stays above $2.43, buyers could push the price towards $2.78 and beyond. A breakout above $3.00 would confirm a strong uptrend. However, a drop below $2.41 could lead to further declines.
Key Takeaways:
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Ripple expands European operations with Unicâmbio partnership
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$5.3B remittance market between Brazil & Portugal could drive XRP adoption
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XRP rebounds to $2.49, but long-term momentum remains uncertain
