XRP experienced a significant increase in its market capitalization, with a rise of over $2 billion in just one day. This surge followed the announcement that Ripple, the company behind XRP, has expanded its global payments network into three new corridors. The market cap of XRP reached as high as $37.44 billion on November 8, up from $35.32 billion recorded on November 7.
Ripple collaborated with payments fintech company Onfariq to establish routes connecting Africa, the United Kingdom, Australia, and Gulf Cooperation Council (GCC) countries, including Qatar and the United Arab Emirates (UAE). This partnership aims to address the challenges associated with cross-border payments such as lengthy transfer times and excessive costs. PayAngel customers in the UK, Pyppl users in GCC nations, and Australian users of Zazi Transfer will now be able to conduct quick and cost-effective remittance and business payments to recipients in 27 countries across Onfariq’s pan-African network. This expansion demonstrates the continuous growth and resilience of Ripple, which recently achieved a significant victory against the U.S. Securities and Exchange Commission (SEC) as charges against its executives were dropped.
#XRP #Ripple #Cryptocurrency #MarketCapitalization #GlobalPayments #Onfariq #Partnership #CrossBorderPayments
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