The Ripple price jumped sharply today after the company announced a major deal to expand its cross-border payment company. The XRP price is up by more than 2.5% to $0.580. It is more than 30% above last week’s low of $0.4500.
What happened: In a statement, Ripple Labs said that it would take a 40% stake in Trangle, an Asian cross-border specialist. The combination will help meet demand for the growing XRP transactions.
Tranglo is a company based in Malaysia and has helped transact more than 20 million transactions worth more than $4 billion. The announcement came a week after Brooks Entwistle became the company’s managing director for the South East region.
It also comes at a time when Ripple Labs is battling the SEC in court. The agency accuses the firm of selling $1 billion of virtual tokens without registering.
While XRP has been delisted by most exchanges, its price has been relatively resilient. Its market cap has jumped to more than $25 billion and is the 7th biggest digital currency.
Ripple price prediction
The XRP price rose to a high of $0.5887, which was the highest point since March 22. On the four-hour chart, the price is slightly above the short and longer moving averages. It is also above the rising wedge pattern that is shown in black. Further, it is slightly below the important resistance at $0.6012, the highest level on March 22.
Therefore, in my view, the XRP price will keep rising as bulls attempt to move above $0.6012 resistance level. However, a drop below $0.5530 will invalidate this prediction.