It comes days after Ripple announced it was planning to buy 40% of Tranglo, one of Asia’s leading cross-border payments providers.
XRP has mounted a stunning comeback in recent days — with the altcoin shrugging off the legal woes facing Ripple.
The cryptocurrency raced to highs of $0.94 in the early hours of Tuesday, surpassing levels that were last seen in 2018.
Amid rampant speculation that altseason has begun, XRP has surged by 19% over the past 24 hours… and 52.5% in seven days.
What’s Behind the Surge?
The upbeat price activity comes days after Ripple announced that it was planning to buy 40% of Tranglo, one of Asia’s leading cross-border payments providers.
It’s hoped that the partnership will enable the company “to meet growing customer demand in the region and expand the reach of RippleNet’s On-Demand Liquidity service” — a platform which uses XRP to instantly transfer funds internationally.
All of this comes as fintech companies make a concerted push to reduce the costs associated with global transactions, with remittance platforms often charging astronomical fees to migrant workers looking to send money home to their families.
The deal was first announced on March 29 but was reshared by Ripple on April 5, and this may have contributed to another surge in purchases. A blog post explained:
“Southeast Asia’s payments landscape is highly fragmented. Each country comes with its own unique process and payments infrastructure — the lack of a standard integration for regional cross-border payments currently requires expensive workarounds. This partnership will see both companies combine their in-depth local expertise to address the challenges associated with cross-border payments.”
Ripple and Tranglo’s collaboration also comes less than a month after the crypto-focused company announced that it was winding down its partnership with Ripple.
On an annualized basis, XRP often ends up at the bottom of the leaderboards when it comes to price growth. But year to date, the altcoin has appreciated by 282%.