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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

XRP Price Primed For Future Rally Following Ripple’s MENA Expansion

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Ripple XRP

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The XRP price has rather underperformed within the last two years. While XRP has fallen 90.04% from the all-time high of $3.40 on January 6, 2018, Bitcoin (-75.76%) and Ethereum (-74.52%) show considerably smaller losses.

One of the main reasons for this is probably the lawsuit filed against Ripple by the U.S. Securities and Exchange Commission (SEC), which has caused a lot of uncertainty among investors. In addition, numerous exchanges have delisted XRP or, like Grayscale, dissolved their XRP trust. A settlement with the SEC or a Ripple court victory is therefore considered an extremely strong catalyst for the XRP price.

Ripple Is Expanding Adoption Of ODL

However, another reason to be bullish is the XRP-based On-Demand Liquidity (ODL) technology by Ripple, which continues to be adopted heavily beyond the U.S. In an interview, Navin Gupta, Ripple’s managing director for South Asia and MENA, said that ODL is available in markets representing nearly 90% of the $6 trillion daily foreign exchange market.

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Gupta further remarked that there is a lot of interest in XRP-based technology in the Middle East and North Africa (MENA) region:

We have seen a great deal of interest from institutions across MENA to use On-Demand Liquidity (ODL) to underpin the remittance services they offer, and we already have local payments service providers such as Pyypl using the solution to facilitate remittances between the UAE and other countries around the world.

The executives also revealed that Ripple is expecting further growth in the region, adding; “[w]e have partnerships with several leading banks in the region, including with SABB in Saudi Arabia and QNB in Qatar. We are also working with local payment services providers such as Pyypl and LuLu Money, which are using Ripple’s crypto solution to facilitate global movements between different currencies.”

As Gupta also pointed out, the total payment volume of RippleNet has grown over $15 billion in the last year, while the global ODL volume has increased ninefold year-on-year. In the United Arab Emirates, in particular, Ripple is finding an open stance towards the use of cryptocurrencies for remittances and treasury payments.

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More recently, Gupta has observed that traditional financial institutions are becoming more comfortable with the idea of adopting crypto. “While traditional financial institutions have been slower to adopt, MENA is certainly seeing an increase in new services and adoption in the region by both consumers and enterprises,” he added.

The XRP Price Today

At press time, the XRP price was trading at $0.3339. This puts the price just above the key support level at $0.3333 where it needs a bounce to avoid falling toward the next support level at $0.3212. To the upside, XRP bulls need to push the price above $0.3548 to build momentum.

Ripple XRP USD
XRP / USD, 1-hour chart

Featured image from vjkombajn / Pixabay, Chart from TradingView.com

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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