Cryptocurrency investors pay a price XRP (CCC:XRP-USD) after the sponsor ripple She said she was playing a game to acquire some huge remittance business in the Philippines. The value of the cryptocurrency XRP has increased by more than 15% in the past 24 hours to nearly 74 cents.
Ripple announced that a Japanese money transfer provider Competence of the Subsidiary Body for Implementation, Philippines for mobile payments coins cipher exchange SBI VC Trade They will work together to move remittance payments from Japan to the Philippines using Ripple’s On Demand Liquidity (ODL) service.
The move aims to capture a piece of the nearly $2 billion Filipinos residing in Japan send home each year. Ripple said the Filipino diaspora is one of the top 10 countries in the world, with more than 5 million of its citizens living abroad.
However, the transactions are expensive for those former immigrants because Japan has one of the highest remittance costs in the world. “It’s twice the average for all G8 countries,” Ripple said.
The Asia Pacific region is one of the fastest growing regions for Ripple with transactions growing by 130% year on year. Acquired a 40% stake in a Malaysian cross-border payments company trangle earlier this year.
XRP price still off previous highs
Despite today’s gains, the cryptocurrency XRP is still a long way from its previous highs. But in a recent post, FXStreet He suggested that the price of XRP could rise to $3.50 if it were to hold a major support level. On one occasion in the nine years of Ripple’s existence, XRP reached a price above $3. That was in January 2018, when it hit $3.84. The closest it reached was $1.96 in April 2021.
Investor Technical analysis expert Brett Kenwell suggested in his book on July 13 that XRP has a good chart and could move higher.
“Notice how [Ripple] It rose more than 800% from the start of the year to its highs in mid-April before retreating to the downside. However, the cryptocurrency has some positives despite its 68% drop from the highs.”
On the basic side, cRipto investors have been concerned about Ripple due to an ongoing lawsuit by the US Securities and Exchange Commission (SEC). In December 2020, the Securities and Exchange Commission Sue Against the company and its chief executives for offering XRP to US investors, which it claims were unregistered securities.
At the date of publication, Robert Lakin did not (directly or indirectly) have any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, and are subject to InvestorPlace.com’s posting guidelines.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including past assignments with Bloomberg News and as buy-side equity research editor.