Ripple (XRP) Teams Up with Mercado Bitcoin for Crypto-Enabled Payments in Brazil
In a move to streamline cross-border payments, Ripple announced a collaboration with Mercado Bitcoin, a leading Latin American crypto exchange, to offer crypto-powered international transactions for businesses in Brazil.
Faster, Cheaper Payments with RippleNet
This partnership will leverage RippleNet, Ripple’s “managed end-to-end payments solution,” enabling Brazilian businesses to settle payments internationally “24/7 and in a matter of minutes,” according to Ripple. The initial rollout will target institutional customers, with Mercado Bitcoin Brazil facilitating transactions for its Portuguese counterpart, Mercado Bitcoin Portugal.
Mercado Bitcoin: A Major Player with Global Ambitions
Founded in 2013, Mercado Bitcoin boasts over 4 million users and is a recognized leader in the Latin American crypto space. This collaboration strengthens their position by offering:
- Simplified International Transactions: Mercado Bitcoin leverages Ripple’s expertise to offer a streamlined transfer process for businesses.
- Internal Treasury Efficiency: Mercado Bitcoin will utilize the solution to optimize its internal treasury operations between Brazil and Portugal.
- Future Expansion: The exchange plans to extend these crypto-powered payments to both corporate and retail clients in the future.
Jordan Abud, Head of Banking at Mercado Bitcoin, highlights the benefits:
“At the same time, this partnership enables Mercado Bitcoin to take another step towards internationalizing its services… The possibility of facilitating this type of operation, offering lower costs and making the platform even more complete shows our commitment to customers.”
Looking Ahead: XRP Price and Regulatory Hurdles
While this is positive news for Ripple and XRP adoption, it’s important to note:
- XRP Price Faces Resistance: Despite the partnership, XRP’s price is currently consolidating after recent losses. Technical indicators suggest potential for both upward and downward movement in the near term.
- SEC Lawsuit Lingers: The ongoing legal battle between Ripple and the SEC regarding XRP’s classification as a security continues to cast a shadow over the cryptocurrency’s future.
XRP/USD Technical Analysis
- Price Consolidation: XRP price extended losses and tested the $0.5080 support level. The price is now consolidating and might aim for a recovery toward the $0.580 resistance.
- Bearish Trendline: There is a key bearish trendline forming with resistance at $0.5850 on the hourly chart of the XRP/USD pair.
- Support and Resistance: The price is currently trading below $0.5450 and the 100-hourly Simple Moving Average. On the downside, initial support is near the $0.5150 level. A break below $0.5080 could lead to further declines.
- Technical Indicators: The Hourly MACD is losing pace in the bearish zone, and the Hourly RSI is below the 50 level.
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