- Having recently reached a new high in whale trading, the altcoin has made a critical partnership in Brazil.
Popular blockchain analytics firm Santiment continues its token low price action. XRP announced that its whales have reached the highest level in the last three months in net activity.
According to the firm, XRP ledgerTransactions exceeding $100,000 abruptly skyrocketed to levels not seen since May.
“XRP is experiencing notable growth in whale activity alongside strong optimism during Friday’s closing trading hours. We’ve seen an increase in transactions involving more than $100,000 in XRP that we haven’t seen since May 13. Additionally, sentiment has reached the highest level since April.”
Ripple launches XRP-based payment service in Brazil
Payments platform Ripple Labs has announced that it has partnered with Travelex Bank in Brazil to bring XRP-based remittances to the seventh most populous country in the world.
According to a new press release, the San Francisco-based firm will launch the partnership’s Travelex in Latin America. RippleNet‘of On Demand Liqudity (ODL) says it has made it the first bank to use the protocol.
ODL uses the XRP token to enable fast and low-cost cross-border payments in the target market without the need for pre-funded capital. Travelex sees this as a solution for its partners who are constrained by limited capitals/lack of funds for upfront financing costs.
Ripple CEO Brad Garlinghouse explains that the company sees Brazil as an important market given the scope of crypto adoption and openness to fintech solutions:
“The market is experiencing an explosion of activity as institutions seek to adopt crypto and blockchain technology to solve customers’ pain points.”
Brazil receives over $780 billion in cross-border payments each year. Travalex, which will initially only support payments between Mexico and Brazil, also plans to roll out the service to more corridors and more use cases in the future.
Speaking about the partnership, João Manuel Campanelli, chief business development officer of Travelex Group, commented on the subject:
“We are delighted to lead change in traditional financial institutions that embrace the benefits of cryptocurrencies and harness the power of this industry for real-world use cases that have the potential to significantly revolutionize the way we transfer and manage money.”
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