Ripple to Launch Crypto Payment in Brazil, Game Changer for XRP?

After a major setback, the blockchain payments network Ripple teamed up with Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America to launch cross-border payment using cryptocurrency. The main objective of this significant development is to enable Brazil to utilize Ripple’s end-to-end payment solution.

Ripple Partners with Brazil’s Leading Crypto Exchange

With this partnership between Ripple and the Brazilian Mercado Bitcoin exchange, local businesses in Brazil will receive multiple benefits like faster, cheaper, more efficient cross-border payments available 24/7, which settle in a matter of seconds, as stated by Ripple.

Ripple’s Cross-Border and End-to-End Payment Solutions

Apart from the local business, Mercado Bitcoin will also use this end-to-end payment solution to support cross-border payments for corporations and retailers in the coming years. In a report they added, “One of the differentiators is the use of a non-resident account, allowing users to pay directly in Reais, providing an improved customer experience.”

As of now, the product of this partnership is not available, it appears that it is in a testing phase.

This development, which appears to be an adoption of Ripple’s technology in Brazil, might give hope to its native token (XRP) holders as it experienced a notable price decline over the past 24 hours.

XRP Current Price Momentum

At press time, XRP is trading near $0.514 and has experienced a price decline of over 12.5% in the past 24 hours. During the same period, its trading volume increased by 14%, indicating strong market participation.

Technical Analysis and Upcoming Levels

According to the expert technical analysis, XRP appears bearish as it has broken the crucial support level of $0.55. Additionally, it has entered a downtrend as it falls below the 200 Exponential Moving Average (EMA) on a daily time frame. With the ongoing price decline and the bearish market sentiment, there is a strong possibility that XRP could reach the $0.465 level in the coming days.

Bearish On-Chain Metrics

In this recent price crash, it is the bulls of XRP who have been hit hard. According to the on-chain analytics firm Coinglass, bulls have liquidated a significant $10.53 million worth of long positions, while short sellers have liquidated only $0.85 million in the past 24 hours. 

Additionally, XRP’s market sentiment is strongly bearish as its long/short ratio currently stands at 0.90 (a value below 1 indicates bearish market sentiment among traders).