- Ripple partnered with Tranglo, a Malaysia-based payments company, by acquiring a 40% stake.
- This move will allow Tranglo to leverage XRP via Ripple’s On-Demand Liquidity existing footprint.
- XRP price is forming an inverse head-and-shoulders pattern that projects a 70% upswing to $1.
Ripple recently announced a collaboration with Malaysia-based, cross-border payments company Tranglo. This strategic move could propel the XRP price higher as it directly ties into the partnership.
Ripple expands the reach of On-Demand Liquidity (ODL)
Ripple announced on Tuesday that it is acquiring a 40% stake in Tranglo, a Malaysia-based, cross-border payments hub. The main intention behind this partnership is to meet Ripple’s growing demand in this region.
Tranglo’s already massive network will help Ripple by using existing ODL corridors, which leverage XRP. The announcement stated:
As a pioneer for cross-border payment services, Tranglo will play a critical role in supporting existing corridors, such as the Philippines, and introducing new ODL corridors within its current network. As Ripple broadens its ODL footprint in the region, RippleNet customers using ODL will also be able to leverage Ripple’s Line of Credit to free up working capital and scale cross-border payments into more markets than ever before.
Although Ripple is fighting a securities fraud lawsuit against the US Securities & Exchange Commission (SEC), it is making progress in other countries. The investment in Tranglo will help connect the fragmented payments landscape in Southeast Asia and increase XRP adoption.
Additionally, in the recent blog, Ripple stated that RippleNet transactions did a 10x in 2020, with Southeast Asia playing a significant role. Hence, the current investment will also bolster its footprint in that region.
Regardless of the outcome of the ongoing lawsuit, Ripple and XRP have a lot to gain outside of the US.
XRP price eyes higher high
The XRP price is traversing an inverse head-and-shoulders pattern for more than three months. This technical formation consists of two distinctive valleys of almost the same height that forms the shoulders. The valley in the middle is much deeper than the others and creates the head.
The peaks between these steep price actions tap across a horizontal resistance level known as the neckline. In XRP’s case, a move above $0.63 will signify a breakout of the setup. This pattern predicts a 72% upswing, determined by measuring the distance between the lowest point of the head and the neckline and adding it to the breakout point.
This target places the XRP price at $1.08.
Adding credence to this upswing is the buy signal posted by the SuperTrend indicator recently. A decisive close above $0.63 will play a pivotal role in determining the future of the XRP price. Hence, investors need to pay close attention to it.
XRP/USDT 12-hour chart
If the remittance token gets rejected around the $0.63 level, it could spell trouble for the XRP price. Regardless, a breach of the demand barrier at $0.42 will invalidate the bullish outlook and kick-start a bearish one.
In that case, XRP could slide 20% toward the support level at $0.32.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.