YEREVAN (CoinChapter.com) — Ripple has formed a partnership with Unicâmbio, a Portuguese currency exchange provider, to improve cross-border payments between Portugal and Brazil. The agreement integrates Ripple Pay, aiming to make transactions faster and more efficient.
The Ripple partnership strengthens its presence in Europe, building on previous operations in Brazil’s financial sector. Unicâmbio’s use of blockchain payments could improve remittance flows between the two nations, which have a long history of trade and migration.
Unicâmbio Adopts XRP Ledger for Cross-Border Transactions
Unicâmbio will use the XRP Ledger to process cross-border payments. Ripple has focused on blockchain payments for years, developing similar corridors, including Japan to Brazil.
“Our partnership with Unicâmbio is a significant milestone in Ripple’s European expansion. By connecting our payment networks in Portugal and Brazil, we are facilitating faster, more cost-effective cross-border payments, while strengthening the economic bridge between these two major markets,”
said Cassie Craddock, Managing Director, UK & Europe at Ripple.
This development aligns with other blockchain payment initiatives. Brazil’s Central Bank has previously collaborated with Chainlink and Microsoft on cross-border payment solutions. Meanwhile, Portugal’s Central Bank has explored frameworks for integrating blockchain technology into financial transactions.
XRP Token Price Sees No Immediate Recovery
The XRP token remains in a bearish trend, trading at $2.42 after hitting a monthly low of $2.22. The asset has lost nearly 30% from its January high of $3.40, with selling pressure pushing it further down.
Over the past week, XRP’s price has dropped significantly, marking its worst performance in three months. Trading volume has declined by 18%, and network activity has slowed by 12%, indicating reduced market participation. The token briefly recovered to $2.60 before facing renewed resistance.
Despite Ripple’s partnership with Unicâmbio, traders have not responded positively. The deal strengthens cross-border payments between Portugal and Brazil, but it has had no impact on XRP/USD.
Technical indicators show XRP facing resistance near $2.50, with potential support at $2.20. If the downward trend continues, the token could test $2.00 in the short term. Investors are monitoring whether trading volume picks up to signal a possible recovery.
Ripple Pay’s Expansion Could Influence Future Deals
The Unicâmbio partnership may be a test case for Ripple’s cross-border payment strategy. The company has built a strong presence in Brazil, which could lead to further expansions in Latin America and Europe.
Ripple continues to focus on blockchain payments, aiming to improve cross-border transactions and reduce settlement times. Ripple Pay remains at the center of these efforts.
