Ripple joins forces with crypto exchange Uphold to enhance cross-border payments, with both parties optimistic about the collaboration’s impact.
XRP’s value dropped by 5% recently, despite its peak at $0.58 on October 24.
The ongoing Ripple-US SEC lawsuit and overall crypto market trends could sway XRP’s future price movements.
Ripple’s Latest Collaboration
Ripple announced that it had teamed up with the American-based cryptocurrency exchange – Uphold – “to underpin and enhance its cross-border payments infrastructure.” Pegah Soltani – Head of Payments Product at the blockchain enterprise – argued that the platform’s “deep liquidity expertise” could help with the achievement of that goal.
“We see this as the start of our relationship and are excited about what the future holds,” he added.
Simon McLoughlin – Chief Executive Officer at Uphold – also gave his two cents on the partnership, praising Ripple as an important player in the crypto scene and one that “provides a tremendously valuable service to businesses making cross-border payments.”
He further said that the collaboration illustrates how both firms’ qualities could be combined to “make efficient crypto-to-fiat transfers and bank payouts.”
XRP Retraces Despite the Partnership
The alliance between Ripple and Uphold has not prompted any price spikes for XRP. Moreover, the coin has plunged by approximately 5% in the past 24 hours after spiking significantly to $0.58 on October 24.
It is worth mentioning that XRP might experience enhanced volatility in the following months due to the dynamics of the entire cryptocurrency market and potential upcoming developments surrounding the lawsuit between Ripple and the US SEC.
Analysts and the AI-powered language model – ChatGPT – have assumed that a decisive victory for the blockchain firm could trigger a bull run for the asset. We also released a video depicting XRP’s possible price movement in the remaining months of the year:
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