Ripple Finds ODL Partners In France And Sweden, But XRP Bear Trend Continues

NEW DELHI (CoinChapter.com) — Ripple continues to expand its presence in Europe, despite the wider crypto market continuing its bearish trend.

The cryptocurrency payment firm formed new partnerships with firms in France and Sweden. Ripple announced it had signed deals for its “On-Demand Liquidity” (ODL) system with Paris-based regulated payments provider Lemonway and Swedish money transfer firm Xbaht.

Xbaht CEO Michael Andersen stated that the firm is excited about its partnership with Ripple as it would help streamline Xbaht’s remittance mechanism. In detail, Xbaht enables international money transfers between Sweden and Thailand.

Additionally, Jeremy Ricordeau, Lemonway’s COO, highlighted that partnering with Ripple would help streamline the firm’s operations and increase its operational efficiency.

We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. […] This is why we have become the partner of choice for enterprises looking to tap into global crypto liquidity to eliminate the traditional problems associated with cross-border payments such as lack of speed, unreliability and excessive cost.

Sendi Young, Ripple’s Managing Director for Europe, said

Ripple Looking For Growth Opportunities

Despite the wider crypto market flailing around in bearish waters, Ripple Labs has been making steady progress.

Per the firm’s announcement, Ripplenet, a network of banks and payment providers that use Ripple’s blockchain to facilitate international payment, now has an annualized payment volume of over $15 billion. Moreover, the firm’s ODL rose by over 900% year-on-year.

Moreover, Ripple has been on a hiring spree, with a target of adding more than 300 staff by 2022 end. At present, the firm’s website highlights it has more than 100 open roles.

Additionally, Ripple might be interested in bankrupt crypto lender Celcius’ assets. A Ripple spokesperson told Reuters that the firm was looking for M&A opportunities to scale the company. In early Aug, Ripple lawyers filed for representation in Celcius’ bankruptcy proceedings, which the court approved.

Ripple is not letting the crypto bear market stop it from growing and expanding. Unfortunately, however, Ripple’s XRP token, which recorded massive gains last week, has started falling.

XRP Price Fall Over 11% In Less Than Two Days

XRP price began falling on Oct 10 after a seven-day-long bull run that saw prices reach nearly $0.55 before pulling back. However, the altcoin’s rally faltered as it started the week beginning Oct 10 and shed 7.3% of its gains on Monday.

XRP price 20-day exponential moving average (20-day EMA, red wave) looked poised to move above its 200-day EMA (green wave) to form a bullish pattern called the golden cross. However, the 20-day EMA trendline turned flat due to the downtrend, now running parallel to the 200-day EMA.

If XRP bulls manage to raise prices, the 20-day EMA trendline might rise again and form the pattern. As a result, the token might rise to challenge resistance near $0.51. A break above immediate resistance could help XRP prices rise to resistance near $0.54 before retreating.

Conversely, if the downtrend continues, XRP prices might be forced to test the support confluence of 20-day EMA and 200-day EMA near $0.47. If XRP prices crash below immediate support, the token might fall 7.6% to $0.44 before prices recover.

Meanwhile, the relative strength index for XRP is currently neutral, clocking at 55.83 on the daily charts. The RSI trendline was reflected from the overbought threshold on Oct 10, suggesting traders were eyeing the RSI levels closely.

At writing, XRPUSD was trading at $0.484, down 1.84% on the day.