When participants in the payment network form alliances with other payment service providers, Ripple indirectly broadens its global payments network.
Bitso is Ripple’s primary direct partner in Latin America. By establishing a cooperation with the Afro-Canadian payment system Africhange, it has established a payment pathway to Canada.
For instance, Mexicans working in Canada have the option of sending money home swiftly and affordably. Given that a sizable portion of the population in Latin America lacks a bank account and no access to the financial system, such transfer options are all the more crucial for the region’s residents. Senior Product Manager at Africhange Olatunji Obaoye said:
“Our offering is aimed at helping Mexican immigrants to Canada who need to send money home, as well as Mexican residents who need to send money from Canada. We achieve this by addressing some of the most pressing issues that arise when sending money home: The speed of the transfer, the cost of the transfer and the exchange rate.
By using blockchain and collaborating with Bitso, one of the largest cryptocurrency platforms in Latin America, we want to enable seamless, cost-effective and fast cross-border money transfer.”
The collaboration will boost Bitso’s revenue, and its 5 million consumers will be able to utilize the Africhange payment system to pay for products and services using a variety of cryptocurrencies (Bitcoin, Shiba Inu, XRP and many others).
Technical pricing benchmarks for ripple
The price of the cryptocurrency is expected to reach $0.3549 per XRP today, an increase of 6.80%, while the weekly gain is already 7.15 percent.
The bullish trend has already broken over the 50% Fibo retracement of $0.3483 and is moving steadily toward the barrier of the 38.2% Fibo retracement of $0.3626. At the day’s end, if it manages to break through this level, we may anticipate an extension of gains in the direction of the 23.6% Fibo retracement of $0.3803.
The 61.8 percent Fibo retracement of $0.3339 will only come into focus if the daily closing falls below the 50 percent Fibo retracement. Next support is located at the $0.3158 level of the 78.6% Fibo retracement below that level.
