Ripple’s XRP Surges 10%
NAIROBI (Coinchapter.com) – Ripple’s XRP surged as news broke about the company’s plans to expand in Africa. On May 17, XRP’s price climbed above $0.52, marking a 10% increase from May 13’s low. This growth underscores investor optimism.
Source: X
Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, announced plans to deepen Ripple’s presence in the region. The expansion will include launching custody services and supporting the XRPL program. This strategic move aims to leverage the growing demand for digital financial solutions in Africa.
Moreover, XRP’s recent performance shows a 1% rise in the past week and a 3.5% gain over the last 30 days. The token has seen a 16% increase in the past year. Although this lags behind the returns of other major cryptocurrencies, it suggests potential for future gains.
XRP Technical Indicators Signal Growth Potential
XRP’s chart is promising, showing signs of potential further gains. On May 17, XRP was nearing a resistance level at $0.56, indicated by the Parabolic SAR. A break above this level could lead to sustained rallies. The relative strength index (RSI) has risen towards 70, indicating increasing buying pressure.
XRP/USD 1-day price chart. Source: TradingView
The 30-day moving average crossed above the 200-day average, reinforcing a bullish outlook. XRP’s 24-hour trading volume has also increased, nearing $1 billion, highlighting heightened market interest.
Notably, Ripple’s Africa expansion is part of a broader strategy to enhance its global footprint. The move coincides with the nearing end of Ripple’s legal battle with the SEC. Critically, the case, now in its final settlement phase, might result in a significant fine but would enable Ripple to focus on growth.
Additionally, Ripple’s planned entry into custody services marks a shift from its traditional payment services, indicating a broader strategy to integrate crypto-native services. This aligns with the company’s efforts to adapt to the evolving digital asset landscape.
Ripple’s XRP Surges Amid Strategic Expansion in MENA
Above all, Ripple announced plans to launch custody services in the Middle East and North Africa (MENA) region, enhancing its presence. Reece Merrick, Managing Director for the Middle East and Africa, stated that Ripple aims to expand significantly in the region and support the XRPL program.
Moreover, such news comes as the Ripple-SEC case approaches its final settlement phase. Critically, while Ripple may face a settlement fine of up to $2 billion, resolving the case could remove significant uncertainty and enable further growth.
Source: Ripple
Notably, Ripple’s UBRI program has been shaping the future of blockchain education and research for over six years. The program recently renewed its $1.05 million partnership with Morgan State University. This initiative supports blockchain innovators at HBCUs, fostering the next generation of blockchain leaders.
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