- Ripple has announced its collaboration with payment services firm Chipper Cash.
- This partnership will focus on enhancing cross-border payments across Africa through Ripple Payments.
- XRP has dropped 2% following a rejection at the 50-day Simple Moving Average.
On Thursday, XRP struggled to recover, recording a 2% dip despite Ripple’s recent alliance with mobile payment service provider Chipper Cash. This partnership aims to facilitate cross-border transactions for Chipper Cash through Ripple Payments.
Ripple teams up with Chipper Cash for improved payment services
The digital asset infrastructure provider Ripple revealed in a press release that it has teamed up with Chipper Cash, a payment services platform. The partnership is set to enhance cross-border payment capabilities into Africa utilizing Ripple Payments.
Ripple asserts that this initiative will expedite international money transfers into Africa, making them quicker, more affordable, and available around the clock. Ripple Payments provides a digital asset-based solution intended to lower transaction expenses and speed up processing times using the XRP cryptocurrency.
“By incorporating our technology into Chipper Cash’s platform, we’re facilitating swifter, more cost-effective cross-border payments while promoting economic growth and innovation in the markets they operate,” stated Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, in the press release.
Chipper Cash emphasizes that this partnership will enable its users to send and receive payments more swiftly and at reduced costs.
The announcement comes on the heels of Ripple’s decision to withdraw its cross-appeal against the U.S. Securities and Exchange Commission (SEC) after the agency also rescinded its appeal against Ripple.
With these regulatory challenges now resolved, Ripple is aiming to expand into additional international markets. Earlier this month, the firm disclosed that it had obtained a regulatory license from the Dubai Financial Services Authority (DFSA), authorizing it to offer crypto payment services to businesses based in Dubai.
XRP faces rejection near 50-day SMA, risks dropping to $1.96
XRP experienced $10.39 million in futures liquidations over the last 24 hours, as indicated by Coinglass data. The total liquidated positions included $9.09 million in long positions and $1.30 million in short positions.
Currently, XRP is testing the support level at $2.34 after facing rejection near the 50-day Simple Moving Average (SMA) and enduring a 2% drop. Should it fall below this support level, the remittance-focused token could decline towards $1.96 if it fails to rebound off the upper boundary of a descending channel. Conversely, if buyers defend the $2.34 level, XRP may retest the resistance at $2.60.
XRP/USDT daily chart
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are both trending downward below their neutral zones, suggesting a prevailing bearish momentum.
A daily close below $1.96 will negate this outlook and could potentially drive XRP down to the support level at $1.35.