Ripple’s XRP Makes a Splash with 10% Surges as it Sets its Sight on Expansion in Africa
Ripple’s XRP experienced a significant increase in value following the announcement of its expansion plans in Africa. On May 17, the price of XRP rose above $0.52, representing a 10% surge from its low on May 13. This growth highlights the positive sentiment among investors.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, revealed the company’s intentions to strengthen its presence in the region. The expansion initiative involves the introduction of custody services and support for the XRPL program, aiming to capitalize on the escalating demand for digital financial solutions in Africa.
Read Also: Expert Insights: Analyzing April’s Potential Market Shifts Amidst Ripple vs SEC Lawsuit
Furthermore, XRP has shown a 1% increase in the past week and a 3.5% gain over the last 30 days. Over the past year, the token has experienced a 16% uptick. Although this growth rate lags behind that of other major cryptocurrencies, it suggests the potential for future gains.
Growth Potential Indicated by XRP Technical Analysis
The chart for XRP looks promising, displaying indications of possible further advances. On May 17, XRP was close to a resistance level at $0.56, as indicated by the Parabolic SAR. A breakthrough above this level could pave the way for sustained rallies. The relative strength index (RSI) has climbed towards 70, signifying mounting buying pressure.
The crossing of the 30-day moving average above the 200-day average reinforces a bullish outlook. Moreover, XRP’s 24-hour trading volume has surged, nearing $1 billion, underscoring heightened market interest.
Notably, Ripple’s expansion in Africa forms part of a broader strategy to enhance its global presence. This move coincides with the culmination of Ripple’s legal dispute with the SEC. Crucially, as the case enters its final settlement phase, Ripple may face a substantial fine, but this would allow the company to concentrate on its growth trajectory.
Ripple’s XRP Making Waves with MENA Expansion Strategies
In addition, Ripple’s foray into custody services signifies a departure from its traditional payment services, signaling a broader strategy to integrate crypto-native services. This aligns with the company’s endeavor to adapt to the evolving digital asset landscape.
Most importantly, Ripple has announced its plans to introduce custody services in the Middle East and North Africa (MENA) region, bolstering its presence. Reece Merrick, Managing Director for the Middle East and Africa, emphasized Ripple’s ambitions to significantly expand in the region and lend support to the XRPL program.
Furthermore, this development comes at a critical juncture as the Ripple-SEC case approaches its final settlement phase. Notably, while Ripple could face a settlement fine of up to $2 billion, resolving the case could eliminate significant uncertainty and pave the way for further growth.
Read Also: SEC Confirms T+1 Settlement: A Boon for XRP and the Crypto Market?
Ripple’s UBRI program has been instrumental in shaping the future of blockchain education and research for over six years. Recently, the program extended its $1.05 million partnership with Morgan State University, reaffirming its commitment to nurturing blockchain innovators at HBCUs and fostering the next generation of blockchain leaders.
Follow us on Twitter, Facebook, Telegram, and Google News
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
