Ripple’s XRP Surges 10% Amid Expansion Plans in Africa
Ripple’s XRP experienced a significant surge in price following the announcement of the company’s plans to expand its presence in Africa. On May 17, XRP’s price reached above $0.52, marking a 10% increase from its lowest point on May 13. This surge reflects the optimism of investors regarding Ripple’s growth prospects.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, revealed the company’s intentions to deepen its presence in the region. The expansion will involve the launch of custody services and the support of the XRPL program. This strategic move aims to capitalize on the increasing demand for digital financial solutions in Africa.
Furthermore, XRP has shown positive performance in recent times, with a 1% rise in the past week and a 3.5% gain over the last 30 days. Over the past year, the token has experienced a 16% increase. While this growth rate may be lower compared to other major cryptocurrencies, it indicates the potential for future gains.
Technical indicators for XRP also suggest further growth potential. On May 17, XRP approached a resistance level at $0.56, as indicated by the Parabolic SAR. A breakthrough above this level could lead to sustained rallies. The relative strength index (RSI) has risen to around 70, indicating an increase in buying pressure.
The 30-day moving average crossing above the 200-day average further strengthens the bullish outlook for XRP. Additionally, the 24-hour trading volume for XRP has increased, nearing $1 billion, which demonstrates heightened market interest.
It is important to note that Ripple’s expansion in Africa is part of a broader strategy to enhance its global footprint. This move coincides with the impending conclusion of Ripple’s legal battle with the SEC. While there is a possibility of facing a significant fine as part of the settlement, the resolution of the case would allow Ripple to focus on its growth trajectory.
Furthermore, Ripple’s planned entry into custody services signifies a shift away from its traditional payment services, indicating a broader strategy to integrate crypto-native services. This aligns with the company’s efforts to adapt to the evolving digital asset landscape.
Ripple’s XRP Surges as Strategic Expansion Takes Place in MENA
In addition to its expansion plans in Africa, Ripple has also announced its intention to launch custody services in the Middle East and North Africa (MENA) region, further strengthening its presence. Reece Merrick, Managing Director for the Middle East and Africa, stated that Ripple aims to significantly expand in the region and provide support for the XRPL program.
This news comes at a crucial time as the Ripple-SEC case approaches its final settlement phase. While there is a possibility of a settlement fine of up to $2 billion, resolving the case would remove significant uncertainty and pave the way for further growth.
It is worth mentioning that Ripple’s UBRI program has been playing a vital role in shaping the future of blockchain education and research for over six years. The program recently renewed its partnership worth $1.05 million with Morgan State University. This initiative supports blockchain innovators at Historically Black Colleges and Universities (HBCUs), fostering the development of the next generation of blockchain leaders.
