Ripple Expands to Africa: XRP Soars to $0.52 After Major Announcement, What Next?

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Ripple has announced plans to introduce XRP Ledger and crypto-native services, including custody, in Africa. This expansion aligns with Ripple’s vision to leverage blockchain technology for cross-border payments and beyond. 

The announcement comes as XRP experiences a surge in value, rising from $0.48 to $0.52, reflecting a 4.2% increase.

Ripple’s Expansion into Africa

Ripple, a leading firm in cross-border payment remittances, is set to expand its services into Africa, partnering with MFS Africa, a leading payments firm operating in 35 countries across the continent. 

MFS Africa will leverage Ripple’s On-Demand Liquidity (ODL) product, which utilizes XRP to facilitate seamless cross-border transactions, including remittances. This partnership aims to enhance the efficiency and speed of payment processes in the region.

Meanwhile, Reece Merrick, Ripple’s Managing Director for the Middle East and Africa highlighted the firm’s ambition to venture into “crypto-native services” like custody, building on their established reputation in the payments sector. This move marks a significant step in Ripple’s efforts to establish a stronger presence in emerging markets.

Reece Merrick, Managing Director Middle East, Africa for @Ripple, says they are best known for payments but stepping into " crypto native services" (custody) and supporting the #XRPL program in the region.
https://t.co/MzySaYOw5A
"Looking to expand quite heavily here" pic.twitter.com/RfVE7xUjpH

— Crypto Eri Carpe Diem (@sentosumosaba) May 17, 2024

Legal Challenges in the US

Ripple’s expansion comes at a time when the company is embroiled in a significant legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP as an unregistered security, seeking approximately $2 billion in fines for its institutional sales of XRP. 

Ripple, however, disputes this figure, arguing that the appropriate penalty should be around $10 million.

XRP Eye Of $0.60 Soon

Amidst these announcements, XRP has experienced a notable increase in value. The cryptocurrency’s price surged from $0.48 to $0.52, marking a 4.2% rise. Currently, XRP is trading at $0.52, with technical indicators suggesting potential for further gains to $0.55.

In a bullish scenario, XRP could climb towards the $0.60 level, encountering intermediate resistance at $0.53.