XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

  • Ripple Managing Director of Africa Reece Merrick said that the firm plans to expand into crypto-native services such as custody. 
  • The payment firm plans to expand in Africa by supporting the XRP Ledger program in the region. 
  • XRP is hovering around $0.51 on Friday, broadly unchanged from a day earlier. 

Ripple (XRP) hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission (SEC) and amid new commitments from the firm to expand its services in Africa. 

While Ripple and XRP are best known for payment-remittance services, the firm said it is eyeing expansion into crypto-native services like custody. 

Daily Digest Market Movers: Ripple plans to expand services to Africa

  • Cross-border payment remittance firm Ripple has plans to roll out XRP Ledger and crypto-native services, such as custody, in Africa. Reece Merrick, Ripple’s Managing Director for Middle East and Africa, said the firm is best known for payments but plans to step into “crypto native services” like custody. 
  • Ripple has plans to support the XRP Ledger program in the Middle East and Africa region, in addition to other services provided by the firm. 
  • The payment firm is battling allegations of unregistered securities sale in the SEC’s lawsuit. The legal battle has weighed heavily on XRP price in the past few years and the token’s holders are awaiting the court’s ruling on the lawsuit. No date has been set for the ruling, which concerns the penalties Ripple should face for its sales of XRP tokens to institutional investors, as a judge already ruled in 2023 that other types of sales couldn’t be treated as sales of securities. 
  • The SEC alleges Ripple should pay around $2 billion in fines for its institutional sales of XRP, while the firm argues that the figure should be around $10 million. 

Technical analysis: XRP hovers around $0.51 

Ripple eyes return to $0.53, the 50% Fibonacci retracement level of the decline between the April 9 top of $0.6431 and the April 13 low of $0.4188. The altcoin has hovered around $0.51 for nearly the entire week. 

At the time of writing, XRP price is $0.5155 on Binance. In an upside scenario, the altcoin could climb towards the psychologically important level of $0.60 and face intermediate resistance at $0.53 in its rally. The Moving Average Convergence Divergence indicator supports the thesis of gains in Ripple as the MACD line crossed above the signal line, a bullish sign, and the green histogram bars move above the neutral line. 

Relative Strength Index RSI is 47.33, close to the neutral zone. 


RSI/USDT 1-day chart 

Looking down, a close below $0.5045, the 38.6% Fibonacci retracement level of the aforementioned decline, could invalidate the bullish thesis. In that case, XRP could sweep liquidity at the May 13 low of $0.4866. 

Ripple FAQs

Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.

XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.

XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.

XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.

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.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple rides RWA narrative with Archax collaboration, XRP extends seventh day of losses to 8%

Ripple announced that the payment remittance firm extended its collaboration with FCA regulated digital securities exchange Archax. The collaboration is focused on Real World Asset tokenization, an emerging narrative in the ecosystem. 

More Ripple News

ONDO extends gains despite surge in profit-taking

ONDO extends gains despite surge in profit-taking

ONDO, the governance token of Ondo Finance, trades in the green on Friday, defying the effects of a surge in profit taking from large-wallet investors following the 76% gains seen in the past 30 days. 

More ONDO News

Monero price poised for a downward correction

Monero price poised for a downward correction

Monero (XMR) price has encountered resistance at a critical level. The technical outlook suggests a potential short-term correction as momentum indicators signal a bearish divergence.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for potential short-term correction

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin braces for  potential short-term correction

Bitcoin price daily candlestick closes below the weekly support level of $67,147. Ethereum price is weakening and could retrace to its immediate support at $3,321. Ripple price fails to close above the 50-day Exponential Moving Average.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Federal Reserve (Fed) keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis