Ripple, a cryptocurrency-based money transfer and payments network launched in 2012, is partnering with fintech company onafriq to expand transfer capabilities within Africa and across its borders with various Gulf states, the UK and Australia.
Three new corridors for blockchain-based payments will be opened between onafriq users in Africa and payangel customers in the UK, PYYPL in the Gulf Cooperation Council (GCC) and ZAZI transfer in Australia, according to an announcement made Wednesday at swell, Ripple's annual conference in Dubai.
“Onafriq is a major player in the African payments market, serving 400 million mobile wallets,” said Monica Long, President of Ripple, in an interview. “We are excited about this because it also helps ripple payments reach 90% of foreign exchange markets.”
Ripple has become a symbol of resistance in the crypto industry for standing up for and partially defeating what is generally seen as a brutal and reactionary SEC. Meanwhile, the price of XRP, the native cryptocurrency of the ripple XRP blockchain, jumped this week, fueled by the token's approval by the Dubai financial authority, as well as Ripple's participation in the central bank digital currency (CBDC) project with the national bank of georgia (NBG).
Additionally, Ripple announced various product enhancements and license updates, including a focus on business-to-business and small business payments. Ripple is constantly growing its collection of licenses, including a remittance license in the US and an institutional payments license in Singapore, with recent applications in the UK and EU.
"Our portfolio of licenses means we can serve a larger market," Long said. “We previously only served licensed financial institutions, but now we can serve businesses and small businesses. For example, importers/exporters and payment of suppliers abroad, or payment of employees in a company that has freelancers in different parts of the world”.
This collaboration is a promising step toward harnessing nuclear fusion, often called the “holy grail” of energy¹, to achieve a sustainable, clean energy future.
how will this affect the price of XRP?
XRP is the native cryptocurrency of the XRP Ledger blockchain, which is an open, public blockchain designed to facilitate faster and cheaper payments. Sending payments overseas using a legacy financial system typically takes one to four business days and can be expensive. If a person uses XRP as a bridge currency, then cross-border transactions can be completed in less than five seconds on the XRP Ledger public blockchain at a fraction of the cost of more traditional methods.
XRP price on November 6, 2023 is $0.71 per (xrp/usd). XRP is 81.60% below its all-time high of $3.84. the current working stock is 53,615,837,759 XRP.
Increasing the ability to transfer between Africa, the Gulf, the UK and Australia could have a positive impact on the price of XRP as it would increase demand for the bridge currency and improve its liquidity. In addition, other positive news about XRP, such as the approval of the token in Dubai, participation in the CBDC project in Georgia, and the victory over SEC, may also contribute to the growth of the XRP price.
However, the price of XRP also depends on other factors such as cryptocurrency market dynamics, competition from other projects, technical innovation, and regulatory risks. Therefore, it is difficult to accurately predict how the price of XRP will change in the future. You should always exercise caution when investing in cryptocurrencies and do your own research.
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